PSD2: the implications for banks and online businesses

On 8 April 2015, Jamie Dimon, Chairman and CEO of JP Morgan, wrote to shareholders with the following caution: “Silicon Valley is coming”. This warning is often cited by those predicting the “imminent demise” of traditional banks and the rise of “FinTech”. But, fast-forward two years and Rome has not burned. The big banks are still here, and whilst FinTech continues to disrupt and challenge the financial services sector, the companies that have pioneered FinTech do not dominate the sector and the traditional banks seem pre-eminent as ever. The banks and FinTech have come to realise that they need each other. FinTech can improve bank customer participation and experience, whilst Banks can give FinTech the missing component to their businesses – users. Read more: magazine.fintechweekly.com