The bank your bank should look like

By 2018 people across Europe will no longer be locked into their bank’s financial systems. They will be able access and use their bank account and data via third parties.

This means that if a bank customer wants to pay a friend, compare products, or do any other type of standard financial activity, they can choose a new provider to do this for them. 

This is designed to increase competition, offer customers more choice, and kickstart innovation in financial services. The ‘Payment Services 2 Directive’ will open up local markets to exciting new entrants. Many of these new entrants will not be banks, and many of them don’t yet exist. 

A more open banking landscape with new services and improved products will be great for customers. However, some will start to question the value that their bank provides.

In our latest research and design piece, we look at banking and ask the question, what would your bank look like if it actively looked out for your interests?

Read the full article on the Each & Other website.