How it works
What is driving the PSD change?
Most transactions nowadays take place on mobile devices which demands real-time, personalised and seamless payment experiences.
FinTech innovators are emerging everyday challenging all established business models and offering digitally-enabled services.
Advances in technology
Mobile devices, wearables, blockchain and the "Internet of Things" (IoT) are creating new ways to pay and transfer value digitally.
Directives such as PSD2 and eMoney are playing a crucial role in encouraging competition and innovation in the industry.
New Opportunities For Banks
The banks of the future need to become a customer’s preferred digital point of entry into banking services. The key customer experience differentiators will be based on customer need prediction, seamless integration with third-party services, ease of use and AI support to cater for the full lifecycle customer journeys. Banks have the unique opportunity of becoming a lifestyle partner to their customers rather than a transactional friction:
Banks do not need to wait for 2018 to launch services targeting the most attractive market-niches that new competitors will attack first.
Win the customer experience
By implementing user-centered design banks can win customers in new market niches as well as build loyalty for current ones.
Use customer transaction data
Customer data is perhaps its biggest advantage over rival banks. Think value-adding services like analysing spending patterns to better target ads.
- Become the one stop shop for enabling customers to pay, access accounts, services, manage their money and get support;
- Build and maintain trust to stay the first choice for service, be it digital or physical;
- Create new and more open approaches to innovation and partnering with external companies adding value to your service;
- Address niche customer needs with new tailored products and win on this fragmented market;
- Gather customer data, combine it with external data sets and create invaluable consumer insights.
Nemesis Software helps banks with detailed PSD2 understanding, defining suitable business strategy and implementation of compliance requirements. We will be happy to discuss your specific business needs. Request your demo now!