Just in the past decade, how customers view a bank’s role in their lives has drastically changed. While banks were once seen as institutions to store money in, they are now much more than that. With the introduction of digital banking options, traditional banks have found that in order to keep up with a changing landscape, they too must adapt and move away from their age-old roles.
With the upcoming PSD2 coming into play in 2018, the European financial sector will undergo a major transformation. The PSD2 requires institutions to open up their databases, and financial institutions should see it as a catalyst and enabler, instead of a threat. By incorporating various technology solutions into their business strategy, they can then truly become customer-centric and put the customer first.