The GDPR and PSD2 are customer data-related regulations coming into play next year, which is rapidly approaching. For Financial Services, these regulations may seem like daunting inconveniences, but in reality, they are blessings in disguise. While the GDPR imposes more controlled rules about data storage and usage, and the PSD2 requires organisations to open up their databases, these two coupled together usher in an era where Financial Services can evolve to become even more customer-centric.
With this changing landscape, banks simply can’t afford to uphold their old, traditional roles of being institutions that solely handle money. Instead, they must adapt and think outside of the box to deliver on customer journeys that reach past storing money, and taking out loans and mortgages. By breaking out of their business silos, banks can then create connected customer ecosystems for safe and seamless journeys.