By extension, a rethink of technology approaches is needed to stay ahead of a transformative change in the way services are created, distributed and consumed.

Not all aspects of how the post-PSD2 landscape will look are clear yet, of course, with Regulatory Technical Standards yet to be finalised, and it is unlikely that from early 2019 retail bank customers will demand on a mass basis that their account holding banks start sharing their data with numerous new aggregation and payment initiation service providers. It will take time for the changes to bed in and for customer education to advance enough to tip the majority of users into taking advantage of open banking.

But it would be a risky strategy to rely on these delays as a basis for putting off decisions about what kind of bank to be in the new world. With 86% of the 18-24 demographic reportedly willing to allow third parties to aggregate their financial data, demand will sooner or later catch up with supply from eager first-movers in PSD2-land. Indeed, PwC has estimated that banks could stand to lose as much as 24% of their business as new revenue streams are made available to competitors.

There is little disagreement that the future is ecosystem-based, with banks and other businesses connected to fulfil the demands and create the journeys that customers demand in their digital lives – even across borders. But in this context what are the business model options for banks, how do they differ, and which model is best suited to which bank?

And once that decision has been made, what are the key components of the technology toolkit banks need in order to make those new operating models a reality? Can they get to their ideal future state starting from where they are today, given legacy constraints? Can they move quickly enough to see off new competitors? And can they be responsive enough to customer needs to deliver the journeys that will keep those customers engaged during the transformation to an open banking world?

Join Finextra and Fiserv for this on demand webinar that will bring together expert speakers from financial institutions, technology experts , as well as Finextra and Fiserv, to dig deeply into what the world of open banking will look like, the options banks have to reinvent their business models for success in this new world, and the technology requirements this reinvention creates.

Speakers include:

• Yvonne Dunn, Partner, Pinsent Masons LLP
• Andrew Steadman, VP, International Group Product Management, Fiserv
• Jarkko Turunen, VP, Head of Open Banking, Nordea
  
• Mark Hartley, Head of the Banking and Payments Practice at Motive Partners and Advisor to the Board at Nationwide
  
• Niall Buckley, Head of Digital Ecosystems, AIB

The moderated panel discussion will address a number of key questions, including:

• How will the API economy reshape banking?
• What are the business model options for banks – marketplace, platform, others – and how should banks choose the best route for them?
• What demands do the move to open APIs and these new operating models make of banks’ technology infrastructures, and how can they source the innovations they need in a sustainable way?
• How can barriers in areas such as data privacy and security be tackled and overcome?
• Are banks doing enough to engage the developer community, and what more could they do?
• How can banks become truly customer centric in an age of open banking?
• What can new entrants teach banks on technology choice? Will future players consume technology in a totally different way?

Join the webinar to participate in the debate - and gain actionable insights into how to succeed in the world of open banking.