Regulation — yes, regulation — appears to pushing European banks to innovation, but perhaps not in ways anticipated by regulators. Lloyds Banking Group is considering an account aggregation service that would allow its consumers to pull in data from other financial institutions. While the plans appear to be at theRead More
Post Tagged with: "psd2"
TEL AVIV — A much-maligned European Union banking regulation may have some unexpected, positive consequences. The Second Payment Services Directive, known as PSD2, will require EU banks to open the EU payment market to companies offering consumer or business-oriented payment services based on the access to information about the paymentRead More
Image courtesy of SuitPossum This is Day 5 of ChatBot Week on Daily Fintech. You can see the intro and index here. How Much? ChatBots are great when customers want answers to various “how much” type questions, such as how much…. Have I got left? Will this cost me inRead More
There are two types of regulation. One is just another annoying cost/process for the bank and a wonderful opportunity for consultants, lawyers, outsourcers & IT providers. Another type of regulation fundamentally opens up the market for innovation and threatens the control of the incumbents. PSD2 is the latter type. ItRead More
Consumer Banking is fundamentally about lending and non-bank lending (whether called AltFi, Marketplace Lending or P2P Lending) is already a mature market. Consumer Banking has taken 73% of Fintech investment to date (vs only 10% each for Asset Management) and Insurance) and has had the first IPOs and the firstRead More
Bank concentration is a problem in many markets, but it is particularly acute in the UK where the Big Four control 77% of the consumer market and 85% of the SME market. Despite many attempts by government and the private sector for many years, nothing has changed. This research noteRead More