Richard Muirhead: Banks must Effectively use 2017 to get Ready

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Richard Muirhead, three-time software entrepreneur and General Partner, OpenOcean:

“In short, post-PSD2 many banking customers will start looking at the bank as just infrastructure – a place their money is stored – whilst the app or company, maybe Facebook or Google, provides the old and new payments functionality under one shiny new umbrella.”

“A regulatory change of this magnitude will inevitably act as an innovation springboard. Instead of fearing that by opening their APIs they’ll become pure infrastructure, banks in the EU should use 2017 as a head start – to decentralise and create early partnerships with data driven software companies. Those that do will be the powerhouses behind bringing to market revolutionary financial products and services, which seek to make the lives of their customers easier.”

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