Article written by Bernard Juffermans, Master in Dutch law and the owner of Bernard Juffermans Management. Author of “The hidden power of insight”.
It is now a few month’s after the 1st of August, the date that we finished the migration to SEPA and all the consumers in the Netherlands and in most of the other 35 countries who are part of SEPA, are using the IBAN. So what’s next? I see a lot of development, especially in the area “between” banks and their customers. A lot of PSP’s are developing futures and services that make life easier for consumers and corporates. With the new PSD, it will become possible to get (as a third party) access to the bank account. If banks pay not enough attention, they will lose the direct contact with their clients and the smart solutions provided by PSP’s will fill the gap. Access to the account also allows third parties to get access to the “big data”, which is not accessible for banks, banks can not make use this data, due to the public and political opinion. Also an interesting development is that after the SEPA migration corporates have continue to come together and to set up a group, that no longer accept that new solutions only are invented by banks and they demand to be involved. Even more interesting is, that they also demand that other parties who are offering solutions in de banking area, will be facilitated by the banks. These two movements make that banks at least have to re-think their business model or maybe work more together with those PSP’s who are filling the gap. Working together and knowing what is in the pipeline to come on the market, allows banks to anticipate and even it gives the opportunity to improve their services to consumers and corporates.
Now SEPA exists and the foundation is established is allows that it will be easier to excess the market for parties now active outside the Netherlands. For example “SOFORT banking “, the “iDEAL” like solution mainly used in Austria and Germany is already knocking on the door. They need of course cooperation of banks, but is a matter of time and banks will be forced by customers, especially well organized groups of customers, tot cooperate with these new parties. Question is of course if they have the flexibility to anticipate or will the stay in the defending modus and lose in the end?
During this congress you can follow these and other discussion and even see some of the new developments and get the latest news.