Changes to the Nordic and European Financial Services ... · Changes to the Nordic and European...
Transcript of Changes to the Nordic and European Financial Services ... · Changes to the Nordic and European...
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Changes to the Nordic and European
Financial Services Market in Light of PSD II
The Jon Bing Memorial Seminar, 27 april 2017
Idar Kreutzer, CEO Finance Norway
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DIGITALIZATION
Productivity and
business
opportunities
Dilemmas
New roles and
responsibilites
Policy framework
and regulation
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Increased Productivity
3
0
200
400
600
800
1000
1200
1400
GDP per hours worked 1990-2016Set 2005-prices
Finansierings- og forsikringsvirksomhet Fastlands-Norge ekskl. finansiell sektor
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The Financial Services Sector
4
Incumbents GAFAMStartups
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New roles: Account Information Service (AIS)
User
Online service
Identification
Bank account
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Traditional online payment usecase
Bank account
Acquiring)
Online shop
Security
Payment instrument
Bank
account
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Online shop
Online payment through a
Payment Initiation Service Provider
PISP
Payment
initiation through
a PISP using the
customers online
banking service
Bank
account
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The bank as AIS
User
Online service
Identification
Bank account Bank account
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PSD2 – Nordic and European Changes
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• New market players will be regulated
• New roles to be defined
• Increased innovation
• Increased competition between banks
• Improved services to the customers
• Customer security and
availability in terms of
payment processes
• Regulation of new
services and new
market players
• Algorithms will control
people’s lives.
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There is a fine line…..
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ETHICAL DILEMMAS
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ECONOMICS
SUPER
STAR
SOCIETAL DILEMMAS
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DIGITAL CRIME
12
Fo
to: fb
i.go
v
RISK DILEMMAS
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Cybercrime The crime of our time
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The regulator running behind the regulation
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Data
Protection
Financial
Stability
Level
playing field
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Digital Sandbox
• Test environment for
products and solutions
• Regulatory sandbox
• Covering costs
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All that is
necessary for the
triumph of evil is that
good men do nothing.
Edmund Burke
“
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