Adapt or Die, The Reality for Retail Banks During a Digital Revolution

Traditional banking is a thing of the past, at least according to 203 senior retail banking executives surveyed by the Economist Intelligence Unit. According to an Economist Intelligence Unit report for Temenos, the EU’s Second Payment Services Directive (PSD2), which will force banks to provide interfaces, APIs and data to third parties, is set to “tip the scales between banks and fintechs for customer loyalty.” More than half of financial transactions will be made through fintech companies rather than traditional retail banks by 2020, as the latest EU payments directive unleashes competition.

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