DIGITAL BANKING for mobile payments – creating a unified ecosystem that enhances the customer ’ s financial life .
The importance of digital ecosystems lies in their ability to provide customers with seamless , personalised experiences by leveraging the strengths of different partners , and according to the World Economic Forum , have the potential to unlock huge value .
Prior to PSD2 ( the revised Payment Services Directive ), the financial services industry was relatively restricted , with banks acting as gatekeepers to customer data and payment systems . The common standards that resulted from PSD2 regulation have helped innovation in this space because additional payment providers have been able to partner in these ecosystems and offer a secure experience to end customers .
PSD2 has also opened up this landscape by mandating that banks share customer data ( with consent ) and provide open APIs ( application programming interfaces ) to third-party providers like fintechs .
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