New banking regulations—such as PSD2 in the EU, Open Banking in the UK, NPP in Australia and similar legislation in other countries—are aimed at increasing competition in the banking industry, improving customer choice and experience and providing certain new protections. This opening-up of the banks' domain will lead to the formation of new partnerships of players from both inside and outside of traditional banking and based on Open APIs. Banks must consider the role they want to play in this new API-based world, how to take advantage of it and how to manage.
"are expected by 2020."
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The evolution of payments is an ongoing story. Beginning with barter-based economies that led to the invention of money and cash transactions, the rise and near-fall of checks and the creation of cards and its related infrastructure, to the rising adoption of mobile and digital payments today, to biometrics and wearables around the corner. None of these ‘payment eras’ occurred in linear order: there are overlaps, reversals, even surprising continuity.
You might be thinking, why does Diebold Nixdorf care about digital currencies and blockchain?
Financial institutions are increasingly putting faith in AI to improve consumer personalization and automate processes in real time—but is artificial intelligence just a fad or will it play a meaningful role for today’s financial institutions?
