Fintechs, open banking and PSD2: does David compete with Goliath or Goliath with David?

The strong rise of financial technology companies – also referred to as Fintechs – is leading to a “revolution” in the financial sector. Thanks to smart innovations in areas such as artificial intelligence, machine learning, blockchain, mobile payment and access management, these companies are able to provide services relatively cheap, easy and fast. In order to stimulate competition between traditional banks and Fintechs in the field of alternative and innovative payment services, revised European legislation aims to (further) regulate the traditional “banking infrastructure”.

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