Today marks one month until the deadline for compliance with Second Payment Services Directive (PSD2). Coming into effect on 13 January 2018, the legislation will enable consumers across Europe to instruct their banks to share their financial data securely with third parties, making it easier to transfer funds, compare products and manage their accounts. Currently, the levels of individuals looking to switch accounts is relatively low. Figures by the banking authority CMA highlight that 57% of people have held their personal current account for more than 10 years, while 37% have not switched in more than 20 years.
Sourced through Scoop.it from: www.globalbankingandfinance.com