How to develop a profitable, customer-focused digital banking strategy: Open banking services and developer-friendly APIs

Sophie Guibaud

Journal of Digital Banking, 2016, vol. 1, issue 1, 6-12

Abstract: With the introduction of the update to Europe's Payment Services Directive, PSD2, banks have a significant opportunity to implement new digital strategies. While the Access to Account (XS2A) scheme within PSD2 means banks need to completely overhaul the way they give access to and process customer data, a more open approach to how they work with other banks and new players in the ecosystem could enable them to create services that will help them to attract and retain increasingly digitally savvy customers while finding new revenue opportunities. This paper looks at the opportunities and threats to banks of adopting an open strategy on the back of the introduction of PSD2 and XS2A.

Keywords: PSD2; XS2A; FinTech; mobile payments; p2p; online banking; mobile banking; AISP (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (2)

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