Accelerating digital transformation is nothing new for financial institutions. Regulatory changes have always been key drivers of reshaping the financial services industry, through expediting modern technologies and services to provide better products, services and privacy for bank customers.

Most recently, Open Banking protocol—designed to spur customer-first innovation in financial services—has been sweeping the world, ever since the European Union’s 2018 adoption of the revised Directive on Payment Services (PSD2). Inspired, countries around the world have adopted best practices from Europe’s PSD2, including CDR in Australia, Open Banking in the UK, Canada, Nigeria, Australia, and Brazil, and the Financial Data Exchange (FDX) in the US.

The Okta + Cloudentity joint solution can help financial institutions adjust to their new responsibilities and safely innovate customer experiences, now and on an ongoing basis.