How can Open Banking scale revenue streams for retail banks?
Last September, the revised Payment Services Directive 2 (PSD2) went into full effect, shifting open banking from futurism to a regulatory requirement for retail banks. But the EU is not alone in wanting to open up consumers’ financial data via APIs (application programming interfaces) to trusted Third Party Providers (TPPs). Neobanks and fintechs have been marrying technology and customer data as a market-grabbing strategy, thus increasing their competitive edge.