IBS Journal April 2018
41
you-go basis, which apparently mirrors the trends that we see in the marketplace, but also what Fiserv and its clients are demanding.
Let’s discuss PSD2 and Open Banking. How do you think it will affect the industry?
The purpose of these sets of regulation is to drive competition in the financial services area; I think that’s the primary purpose of the legislation. In that sense, you can look at it both as a mandatory requirement to achieve and as an opportunity. Many of our clients are looking at it in both ways. For institutions that have legacy systems and need to amend these systems to be able to meet the regulation, then it’s a mandatory thing – they have no choice. But many of our calm customers, who know the marketplace in general, are looking at PSD2 and Open Banking as a way to take advantage, to find the opportunities to serve their customers better and in different ways. And many of our clients are doing that.
So, yes, I think it’s both a mandatory thing that people have to do, but the more innovative of our clients, and Fiserv, are looking at Open Banking and PSD2 as an opportunity. I think it will change the landscape in the financial services, allowing different business
The more innovative of our clients, and Fiserv, are looking at Open Banking and PSD2 as an opportunity
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models to come to the fore, and enable different companies to take advantage of what is now a much more open ability to engage with the customer on the front end, and get transactional data from institutions on the back end. It will undoubtedly drive a significant change, in my opinion.
PSD2 is giving way to the rise of challenger banks. What is your opinion of them? How does Fiserv cater to their needs?
I think there is a space for challenger banks in the UK marketplace. And some of our clients are in fact in that sector and are themselves taking advantage of some of the very things we have just been talking about. So I think there will be challenger banks coming in and taking market share from some traditional organisations, but I also feel the need to be conscious that those existing financial institutions have scale, they have many customers, they have funding. So they can respond if they choose to, to compete with these challenger organisations that tend to be focused on some specific areas of the market.
Regarding Fiserv’s response, I mentioned our Agility banking solution, which is an ideal solution for challenger banks, because it essentially allows them to take all of their IT services from one supplier on a pay-as-you-go basis – that being Fiserv. So it gives them effortless access to IT services to cover all of their banking requirements – that’s the first thing. The second thing I would say is, as we were talking about it, is Finkit. Finkit also allows banks to take advantage of PSD2 really, to make sure that they can implement their business models, be it a disruptor or a challenger in the
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