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Data Sharing: Is The Glass Half-Full Or Half-Empty?
In this episode:
- PSD2: what it does, how it works, how it aims to spur innovation, and the related acronyms you need to know.
- The implications for FI operations, account holders and process maturity.
- Who should pay for the data distribution?
- How PSD2 can lead to decentralization, disintermediation, loss of revenue and the start of banking as a platform, as well as innovation, competition, and new options for customers and new recurring revenue streams.
- Terms, conditions, and informed consent.
- What does banking as a platform look like?
- Will a PSD2-type of regulation be implemented in the United States? If so, would it pose a threat or an opportunity?
URLs related to this week’s BIGCast:
- http://bigfintechmedia.com/Podcast/sharing-financial-data-safely-smartly-and-profitably – Part 1 of the PSD2 BIGcast.
- http://www.thepaymentsreview.com/psd2-a-primer – “The Second Payment Services Directive (PSD2) – A Primer” article by Tom Davis of CSCU.
- http://bigfintechmedia.com/Podcast/fintech-innovation-with-a-posh-accent – Previous BIGcast that features interviews with several companies building products leveraging the PSD2 directive.
- http://www.thepaypers.com/expert-opinion/psd2-xs2a-adoption-what-are-the-implications-for-banks-/763148 – Article on PSD2 adoption on The Payer’s Web site.
- https://www.accenture.com/us-en/insight-psd2-opportunities-banks – Accenture’s overview of PSD2 for European financial institutions.
- https://www.evry.com/en/news/articles/psd2-the-directive-that-will-change-banking-as-we-know-it/ – Article on the Evry Web site regarding how PSD2 is going to disrupt the European banking industry.
- www.FinancialSolutionsLab.com Info on the FinLab, for which the Center for Financial Services Innovation (CFSI) is accepting applications
Automation and Innovation:
- https://zapier.com/ – Zapier allows you to link and pass information between apps.
- https://ifttt.com/ – If This Then That allows you to automate your Web activities and apps.