PSD2 uncovered: what does it mean for you?
There is a lot of interest in the upcoming PSD2 regulations with many key figures fearing this could be a huge disruption to traditional retail banks. If you do not adapt, and adapt fast, you will surely fall behind and find it near impossible to catch back up.
Traditional banks face the prospect of losing engagement and failing to be the one customers turn to when the big moments happen, like getting married, buying their first home, and other key life moments. From this perspective immediate action is needed to ensure customers think and feel more about their bank than it just being a place that stores money.
However, it may be that the anticipation and expectation of the regulation have actually overtaken the reality and quick response is not as urgent as it first appears. The PSD2 is thought by some industry experts to have minimal effects on customer loyalty compared to those feared.
Either way, the tide is definitely turning, and turning fast, to customer engagement and even if PSD2 does not cause the major disruption which is feared, it looks as though a bank who does not start moving, way well be left behind.