After the 2008 financial crisis, FIs faced stringent regulations from governing bodies across the globe. FATCA, GDPR, PSD2, and MiFIDII are some of the regulations that have come into existence in the last few years. According to a Deloitte report, there are around 200 regulatory revisions to track and comply with on a daily basis.
Many banks still recovering from the impact of digital disruption, yet now are having to contend with two new game-changing regulations in the shape of Open Banking/Payment Services Directive-Revised(PSD2) in January 2018 and General Data Protection Regulation(GDPR) in May 2018. The challenge to adapt to both and still maintain a profitable business can be overwhelming
Customer demands that have been pushing for Open Banking are in no respect new – especially corporations and e-merchants, even with their close relationship to banks, have long been asking for efficient payment and liquidity solutions even in a multi banking relationship. Neither is Open Banking only a PSD2-based European phenomenon. Rather, it is quite
The real trick is being ready for trip The global banking industry encountered many changes in 2017. As a result, it is proving prudent to analyze the core factors that will drive the dynamics of impending industry changes, as well as the challenges banks will face throughout this year. Driving factors to watch Artificial