A new White Paper written by Seshika Fernando, Head of Financial Solutions at WSO2, has been published. Below we provide you with a copy of the Introduction of this text to pique your interest.
“Banking as we know it is changing rapidly and industry players are looking for new and innovative ways to keep pace. Traditionally, the global financial services market has been oligopolistic in nature. When an oligopoly exists, those at the top define the market dynamics. They decide what services should be offered, the rate at which innovation should take place, and the consumer experience as well.
This, however, is changing at a rapid pace. Starting off with the regulations such as PSD2 in Europe and Open Banking, which are being adopted heavily, banks can no longer enjoy this favorable market position. This has lead to banks ramping up their product, technology, and customer strategies to stay relevant and compete better in an era of open banking.”
Some of the topics covered include: why PSD2 started as a threat, the opportunity presented by PSD2, leveraging PSD2 to enter the world of digital banking, and WSO2 and Open Banking.
Download a copy of the full Digital Transformation Through PSD2 and Open Banking White Paper.