‘Digitalisation is driving the future of banking’
Banking as we know it is changing. Open banking and the new Payment Services Directive 2 (PSD2) is speeding up that rate of change. Data is the driving force behind it.
Open banking means that banks are now required to allow customers to share their financial data such as how and where they spend their money with third parties. The opportunities this could provide are endless both for established financial institutions and for new entrants after all, you no longer need to be a bank to sell a financial product.
Capco’s digital and data teams have partnered with the Sunday Times to produce special report – ‘The Future of Financial Services Technology’. The report explores the ever expanding digital ecosystem and highlights the ways in which data that underpins that ecosystem. Whether the solution for your institution is new digital layers or building new digital banks, it is clear that alignment with the needs of new, more digital savvy customers to create smart, useful products is the key to actually monetizing that data.
For more information on Capco’s digital and data practices and how we can help you, contact our experts:
Partner, Capital Markets – Data
Partner, Capital Markets
Partner, Digital (UK)
Partner, Digital (Global)