We are in the midst of a defining moment for financial institutions, as the decisions they make today will come to shape their role in an open banking future.

The European Union’s Payment Services Directive 2 (or PSD2) will require EU banks to open their data to third party vendors before January 2018, though many have already done so. This significance of this action cannot be overstated, as it will force a reorganising and redefining of financial services as we know it. The biggest challenge the industry faces now is defining what it wants to be when the dust settles on this new order.

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