What are the issues for fintechs or challenger banks straddling the constraints and opportunities of PSD2 and the opening of the retail banking market?
Fintechs, who have been given an open goal in the wake of PSD2 have their work cut out to align themselves to large financial organisations in order to make the most of the opportunities afforded.
When the end state is not known, and there is a dearth of clear examples of ecosystems in which banks, corporates and smaller third parties can come together, it poses a very difficult challenge to get it right.
At an exclusive roundtable hosted by Finextra in association with EPAM, prototyping language was one key mistake highlighted by a delegate on the part of fintechs looking to connect and partner with large banks. The example given, which was not the first of its kind, was that the prototyping language is a potentially overlooked point of failure. Neither robust, sustainable nor repeatable, it signalled an early death knell for any future potential.
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