Are you ready for PSD2?
As we are already halfway through the 2018 calendar year, the 2019 PSD2 required implementation for strong authentication will be here before you know it. With consumers top-of-mind, the European Council is aiming to transition the banking experience from being transaction-focused to becoming consumer and customer-centric. Implementing these regulations might seem daunting, however, they offer financial institutions the opportunity to review their existing digital strategies and find new ways to differentiate themselves from the competition. The good news is that according to Forrester, “increases in revenue potential get progressively bigger with high Customer Experience (CX) scores,” with banks at the forefront of this finding. So, what does this mean for you, the bank?
Planning for Success
In order to position your bank to win, you need a forward-thinking approach that will set yourself apart from the competition. As third-party providers (TPPs) emerge and start to leverage direct-relationships with your customers by providing new, innovative services, elevating your position in the marketplace is key. And to do this, we have gathered key components that should be included in your PSD2 planning:
- A noncompromising approach: With the rapid growth of digital banking, it is critical to provide users a secure, frictionless user experience. Look for solutions that provide high assurance and low complexity and offer mobile-centric approaches that are transparent to the end user.
- Innovation: Organizations need to ensure they exceed customer demands and expectations. With innovative technologies, banks can differentiate their brand while reducing costs.
- Financial market expertise: Look for a provider that has proven financial market experience, understands your customers’ pain points and can lean in as your trusted advisor.
The most successful organizations will partner with vendors who can provide next-generation technologies that help meet PSD2 regulations within a friendly user experience and help future proof their business. We’ve packaged together all of our PSD2 enablement resources that walk you through PSD2 requirements, timelines, insights and solutions on our dedicated PSD2 webpage.