With the PSD2 deadline fast approaching, banks are in the midst of making the technological and strategic changes required to achieve compliance with the regulation – and to take advantage of the opportunities it creates. But while some banks are clearly first movers and are already putting into action their strategies for a PSD2 world, it may not be so obvious for many players how they should respond, where the real opportunities lie, and what technology decisions they need to make to either achieve PSD2 compliance - or go beyond it to leverage the regulation for business growth.

So is it widely accepted that banks should do more than simply comply and how are banks working with their service providers to deliver their PSD2 change programmes? Which teams within banks are leading and driving PSD2 projects? How far have the banks got, how many will be compliant on time, and how many already have new services in place designed to leverage the potential of PSD2? Are banks easily able to secure budget for PSD2 – and is this helping them to accelerate digital transformation overall? What are the new business models banks are exploring, which sources of new competition most concern them and how do they see other regulation – such as GDPR – impacting their PSD2 approaches?

This survey is designed to generate answers to these questions among others, and you are invited to participate to get priority access to the results.

The survey will be used to produce a report that will drill down into this important topic of PSD2 readiness. The report will feature only anonymised and aggregated data. Individual responses are strictly confidential and your details will not be passed on to any third parties.

Participants working for a regulated financial services company will be entered into a draw to win an Apple MacBook Air.

* 1. Contact information

* 2. Please indicate your level of agreement with the following statements.

  Do not agree Somewhat agree Strongly agree
a. My bank views PSD2 primarily as a compliance activity.
b. My bank has assessed the implications of PSD2 and concluded that there is a risk of disintermediation if we do not respond proactively to the changes being introduced.
c. PSD2 is a board level discussion in my bank.
d. My bank has a strategic objective to leverage PSD2 as an opportunity to innovate, differentiate and create new products and services.
e. My bank believes that we will need new technology to deal successfully with PSD2 and open banking.
f. My bank would prefer to engage with a provider of a one-stop shop technology solution for PSD2.
g. My bank is engaging via a consultancy provider to access the technology needed for PSD2.

 

* 3. Please indicate which functions in your organisation are involved with and leading the implementation of PSD2.

  Leading PSD2 Involved in PSD2 Not involved
Legal team
Compliance team
Payments team
Innovation team
Digital transformation team
IT team
Operations team
Sales & marketing team

* 4. Please indicate which statements below most closely describe your organisation’s current situation in relation to PSD2 (please tick all that apply).

* 5. For option f, please share examples of successful new projects related to PSD2:

* 6. For option g, please share examples of failed new projects related to PSD2:

* 7. Please indicate your level of agreement with the following statements.

  Do not agree Somewhat agree Strongly agree
a. Building a business case to secure funding for PSD2 has been straightforward.
b. The budget we have been given for PSD2 has enabled us to progress with other related projects more rapidly.
c. Our ability to invest in PSD2 has enabled us to speed up our digital transformation    programme.
d. We expect a return on our investment within 2 years.
e. We expect an ROI in more than 2 years.

* 8. Please indicate which of the below business models you believe your bank could adopt in the PSD2 environment.

  No Maybe Yes
Digital identity provider
Payment initiation service provider
Account information service provider
Marketplace bank, offering access to fintech-based services
Payments processing utility
Provider of banking as a platform/service

* 9. Please indicate your level of agreement with the following statements.

  Do not agree Somewhat agree Strongly agree
a. Our starting point for the changes we are making in relation to PSD2 is the customer
b. To ensure our customers get the new services they need, we will partner with other providers.
c. Our customers are ready for open banking.
d. We see a clear demand from our customers for the types of services that PSD2 will encourage us to provide.

* 10. The services we are prioritising include (please rank 1-6 with 1 highest priority):

* 11. please specify which any additional services you believe customers will want in a PSD2 world:

* 12. From where do you believe the biggest threat to your business will come in a post-PSD2 environment? (please rank from 1-5 with 1 being the biggest threat)

* 13. Please indicate your level of agreement with the following statements.

  Do not agree Somewhat agree Strongly agree
a. There is a contradiction between PSD2, which requires banks to share more data, and GDPR which requires banks to be even more careful about data sharing, and this is increasing the complexity of the compliance landscape for banks.
b. When PSD2 is in force its impact will increase our KYC and fraud challenges.
c. The contradictory demands of PSD2 and GDPR make it even more important for banks to address security and data privacy obligations and as such we are increasing our emphasis in these areas.

 
d. Changes in the European political landscape (such as Brexit and new governments in other countries in the EU) will impact the way PSD2 is implemented and limit the amount of change PSD2 introduces.
e. The move to open banking is bigger than any one piece of regulation and the banking landscape will change regardless.
f. My bank faces challenges in achieving PSD2 readiness – including a lack of the right skills, budget challenges, technology challenges, legacy systems and security concerns.
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