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Remember those long queues at the bank when you had to actually talk to a person to take out Money or cash a cheque?
Then along came ATMs.
Customers were cautious at first, but now no one can imagine banking in person.
Well, the next great banking innovation has arrived on the back of PSD2, The EU's Second Payment Services Directive.
Designed to create a single payment market across the European Union, PSD2 aims to make payments faster.
Safer.
And more transparent in the new digital economy.
PSD2 will give third parties like payment providers and fintechs access to customer bank data via secure APIs.
Require customer consent to share data and protect against fraud using strong Authentication.
In January 2018, PSD2 becomes law, so you don't have long to become compliant.
Banks already have the customers and data.
With PSD2, banks can focus on core offerings while outsourcing new specialised products like personalised financial planning tools to third parties.
Banks can serve as the secure platform for a growing menu of innovative financial services.
With ForgeRock, banks can use open standards like OAuth2 and OpenID Connect to integrate with third parties.
So customers get all the services they want in one trusted place.
The ForgeRock identity platform offers personal data sharing controls and gives Customers a single identity to use bankwide, creating a seamless, Secure and personalised user experience that builds brand loyalty.
And banks and customers alike can rely on Forge Rock's strong authentication in tandem with Real-time, responsive, situational risk assessments to protect customers and their data.
PSD2 is a golden opportunity for banks to place themselves at the centre of the digital Finance universe, delivering the products and services that customers want now.