A rapidly changing payments industry is threatening incumbent banks’ payment revenues and customer relationships with significant knock-on impacts to a banks’ ability to retain customers and cross sell. Against this backdrop, Accenture research shows that up to 43% of retail banking payments revenue in the United Kingdom is at risk between 2015 and 2020.
The revised Payment Services Directive (PSD2) is set to accelerate this disruption in the payments industry by opening the market to new forms of regulated Payment Institutions and by granting these Third Party Providers with access to customer bank accounts and transaction data via APIs.
Simultaneously, PSD2 also presents Financial Institutions with new service and monetisation opportunities and a rallying point around which investment and improvement initiatives can be instigated.
