Implementing PSD II presents a monumental task for banks - the breadth and scale of which is only just becoming apparent. Not only are you required to embark on a significant API (application programming interface) build, change the way you authenticate customers online and reconsider your fraud and payments processes, but there are a vast number of other organisational considerations to be factored in. We estimate 80% of your organisation will be impacted.
The communication challenge
The complexity of legislation
The data architecture perspective
Ownership of the new TPP channel
Preparing multiple teams across your organisation for the full impact of the regulation is a vast task for which you need to be adequately prepared – Please see below Baringa’s view of which functions will feel the greatest impact:
In conclusion, the impact of PSD II will be far reaching, with implications across the length and breadth of the organisation. A comprehensive approach to analysis and coordinated implementation, addressing all parts of the operating model, will be key in addressing what will be both a fundamental challenge and a huge opportunity for today’s banking industry.
We're keen to hear your views on this issue - or issues relating to it.Contact us if you have a view on this that you would like to share.