The banking industry continues to evolve at pace, fuelled by innovations in contactless payments, digital banking applications and data security. This is being driven by changing regulatory requirements and consumer demand for services that modernise the way we bank and access information. The disruption is happening across the globe, in nearly every country and continent – and financial institutions face a challenge keeping up.
Open Banking and PSD2 in particular are driving the digital transformation of financial services. The UK and European Union are leading the way in implementing it, with Australia also an early adopter. A digital paradigm shift is happening that will continue to grow, spreading in Asia, Latin America and other regions as regulations and willingness to share data expand.