Banks vs fintechs: The battle is on - Computer Business Review

As PSD2 comes into effect, banks must adapt or prepare to be disrupted, says Paul Bowen, Banking Lead, Avanade Europe. "They all want to eat our lunch. Every single one of them", Jamie Dimon, Chief Executive of JP Morgan, stated in 2015, referring to the growing threat of Silicon Valley businesses to banks. And as the Second Payment Services Directive (PSD2) is coming into play early next year, his warning is becoming ever more significant. With the advent of PSD2 and Open Banking initiatives, the regulatory barriers that have kept non-bank competitors at bay are falling.