THE TRANSFORMATION OF FINANCIAL SERVICES
With the advent of PSD2 and the UK’s open banking regulations in full effect, the sector is faced with transformational challenges as well as opportunities when it comes to data.
Opening up data via secure application programming interfaces (APIs), aims to shift financial services to open platforms for customers, who can take a modular approach to banking using products from different providers, or ‘banking as a platform’ (BaaP).
And with the fast paced developments in technology, the increasing threat of financial crime and the pressure to ensure customers remain satisfied with the speed and ease of service they receive – the financial services industry is seeing a huge shift the way they conduct business.