The survey found that while PSD2 is having a positive impact on open banking, there are still hurdles to overcome like API issues and a lack of standardization. Respondents see opportunities in combining open banking with open finance and data to personalize services for customers. However, open banking alone has not provided clear advantages for users yet. PSD2 regulation needs to be improved to fully support open data and finance across industries. Respondents hope this will lead to better customer experiences and more innovative products through increased cooperation rather than competition.

1. PSD2 / OPEN BANKING BAROMETER – RESULTS PRESENTATION
ARNAUD SIRTAINE

2. ABOUT THE BAROMETER
 Third edition of the PSD2 barometer by Fintech Belgium and Pulse Consult
 Our focus? Transition from Open Banking to Open Finance and Open Data
 Identification of potential use cases out of the barometer

3. RESULTS OF THE SURVEY

4. INTERVIEWEES PROFILES
 10 responses received : 8 Fintechs and 2 banks

5. GLOBAL PERCEPTION OF PSD2
 Compared to last year, everyone agrees on positive impact of PSD2
 Main identified benefits
 The opportunity to personalize and extend the services to customers beyond payments ,
 The possibility to facilitate the customer choices by not being locked with one bank
 A global improvement of the customer journey.
 Relevant use cases, combined with creation of the necessary trust for consumers and businesses, thanks to identification and secure
communication between the data holders (e.g., ASPSPs) and data brokers (e.g., AISPs)
 Globally, better data for better decisions

6. IMPACTS AND HURDLES
 60% of the respondents are mentioning positive impacts only
 20% are identifying positive and negative impacts and 20% are considering they are not impacted at all.
 80 % are however still facing hurdles, being mainly
 API issues
 Lack of information and standardization
 Quality of implementation at the bank side (still perceived as basic and poor in comparison to the whole potential).
 SCA and consent are as well crucial points in the possible evolutions of the proposed solution.

7. MAIN CHANGES AND PARTNERSHIPS FOR RESPONDANT
 Open Banking in combination with Open Finance and Open Data is more and more perceived as a driver for:
 Challenging existing payment methods
 Expanding into more markets and used the available connections to build out its data-driven services such as account check, income verification,
expense check and risk insights
 Proposing client forward integration
 Developing innovative solution around loyalty and couponing
 Development of new type of partnerships
 Enforcement of already existing relationships before PSD2 between banks, fintechs, B2B SAAS, …
 Some players as interface between large incumbent banks as well as smaller fintechs in the Belgian market.
 One main evolution: shift from competition to co-creation

8. STILL EXPECTED MARKET DEVELOPMENT
 Inclusion of all generated data to develop services beyond payments : all types of accounts (like security
accounts and savings accounts), credit cards data, and personal profiles
 Inclusion of the right to data portability in GDPR for financial services and transposition and application of
these principles for the industries acting as a data source
 SCA lifetime should be customer defined. A company should be able to grant access to his bank accounts
from an ERP for years for example.

9. FUTURE OF OPEN BANKING AND OPEN FINANCE / DATA
Shift to open data
Promote / Enhance Social Goals
Promote / Enhance sustainability
New products on the market
Boom in open banking payments
Boom in BAAS
Open banking not successful till now. No
advantages perceived today by the users. Open
finance and open data to be a trigger for this.

10. SUBSEQUENT OPPORTUNITIES
 Standardization of provided APIs, quality of APIs
 Possibility to develop better solutions and a better UX
 Better customer journey for our clients, customer-fit products and services.
 Stronger value propositions for fintechs and price comparison tools. And more transparency in loan origination processes, thus
protecting consumers and business from taking on too much financial weight.
 Challenge NBB and resistance of incumbents
 Customers could be offered tailored products and services that represent a better deal.

11. CONCLUSIONS OF THE SURVEY

12. MAIN CONCLUSIONS
 PSD3 (or a perfected PSD2 at least) should be the one regulating open data and open finance with cross industry
relationship, combine with an extension of supported account types and a regulation to replace RTS / SCA and
consent principles.
 While the focus was mainly on the collaborative issues and the technical quality and standardization last year, a
progressive move to the interest on use cases with real added values services are coming on the table, but still
with a background of technical and regulatory issues.