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How to develop a profitable, customer-focused digital banking strategy: Open banking services and developer-friendly APIs

Author

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  • Guibaud, Sophie

Abstract

With the introduction of the update to Europe's Payment Services Directive, PSD2, banks have a significant opportunity to implement new digital strategies. While the Access to Account (XS2A) scheme within PSD2 means banks need to completely overhaul the way they give access to and process customer data, a more open approach to how they work with other banks and new players in the ecosystem could enable them to create services that will help them to attract and retain increasingly digitally savvy customers while finding new revenue opportunities. This paper looks at the opportunities and threats to banks of adopting an open strategy on the back of the introduction of PSD2 and XS2A.

Suggested Citation

  • Guibaud, Sophie, 2016. "How to develop a profitable, customer-focused digital banking strategy: Open banking services and developer-friendly APIs," Journal of Digital Banking, Henry Stewart Publications, vol. 1(1), pages 6-12, May.
    • Handle: RePEc:aza:jdb000:y:2016:v:1:i:1:p:6-12
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    Cited by:

    1. Shailesh Rastogi & Akanksha Goel & Adesh Doifode, 2023. "Open APIs in banking and inclusive growth: an innovation to support the poverty eradication programs in India," Journal of Banking Regulation, Palgrave Macmillan, vol. 24(4), pages 432-444, December.

    More about this item

    Keywords

    PSD2; XS2A; FinTech; mobile payments; p2p; online banking; mobile banking; AISP;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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