PSD2 and Open Banking are really buzzing nowadays challenging the traditional banks – so we are happy to share some strategies on how these directives can be an opportunity to improved and grow the banking business.
First, please allow me to share What are not to do,
1. DO NOT PLAY DEAD, if you would not do anything then you’re setting up for catastrophe.
2. TRYING TO AVOID PSD2 DIRECTIVES, and trying to deliver minimal access to your customers, defend with nasty tricks for not to get access to your data. This is like fighting history, look horses and cars ended up.
And here are 4 things I believe can help a little bit.
First, Accept the new reality. The good old times when banks can only see the Heritance of Aunt Mary is over.
Ignoring and resisting should not be an option. Digital transformations are inevitable not just in the insurance and finance industries, it’s either you go with the flow or one of the ghosts of the past.
Second, Accept that there are new kids on the block. They may not have here 100 years earlier but they may know things better than we have. Connecting with them to learn from their side can be an advantage.
Third, Digital Transformation = Opportunities. Please please please let’s understand that digital transformation, open banking, and PSD2 are not defensive fights.
I am supporting to understand that digital transformation, open banking, and PSD2 are great opportunities to grow.
Think about the possibilities you as Financial Institution win the hearts and minds of new customers and you’re providing these digital products and services that really excites them and helping them on their daily lives.
Fourth, No escape in becoming a tech driven company. I sincerely understand that the adjustment of transforming a company concerning a lot of senior employees and people who have done a great job in decades into sort like a hipster new organization – but that’s not I meant.
In digital transformation, we need to transform our bank into tech-driven companies and customers should come first, top priority by providing them your original products and services but only improved by with technologies.
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