Additionally, 54% of all respondents (banks) agreed that they are reconsidering their retail banking customer relationship and revenue/business model, with an overall positive score for this of 78%, according to a survey issued by Finextra and conducted by the banking sofftware and tools provider FIS, eubankers.net reports. 37% of European banks felt that acknowledging the implications of the new rules was high across all of their IT, payments and retail banking units and at board level.
This is a particular concern around the provisions for mandatory access to bank accounts via APIs, or XS2A in PSD2 terminology. Few of the survey participants expect to be able to offer API access from day one to external parties and innovators. Only 14% agreed that they would be open and ready for access. A further 32% slightly agreed, while 54% indicated negatively. While security is a primary concern for 88% of respondents, the impact of legacy infrastructure is likely to be more pressing, with only 5% of poll participants expressing confidence that their core banking systems will not be a barrier to becoming an Open API bank.
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