General
European financial players have accumulated compelling experience in developing solutions connected with the implementation of PSD2 directive. Considering the clear direction that the Regulators have undertaken in the recent years, an exchange of information and use cases in the PSD2 area among Swiss and EU financial players would be mutually beneficial.
Swiss Finance + Technology Association and C&D Suisse have invited representatives of local financial services institutions and FinTech start-ups joining a round-table discussion with Cristiano Motto, Digital Evangelist at Barclays Bank PLC and Enrico Toso, Compliance Manager at Deutsche Bank (Italy).
The room is full, the presentation given by Cristiano Motto and Enrico Toso are interesting and detailed. They highlight the main point of the PSD2 regulation and they give to the audience the opportunity to fully understand the topic.
The discussion, moderated by Rainer Kessler, was very interesting and allowed the crowd to taste the different sentiment about the new regulation system. Many opinions raised from the participants and the speakers, as well as the moderator were able to conduct a pleasant, but tough discussion with the crowd.
Quotes
“We are living in the Digital Era. Everything that can be digitized will be. By 2020, more than seven billion people and businesses, and at least 50 billion devices, will be connected to the Internet. […] With people, businesses and things communicating, transacting, and even negotiating with each other, a new world comes into being – the Digital Era. […]Data is the new Currency. Currency is anything that can serve as a medium of exchange, something that can be “cashed out” for goods and services, or used to pay debt or to store value for future use. Data has each of these characteristics. The value of data can be measured easily and appreciates in value when translated into meaningful information. […] BaaS – Banks have always been a Service. The way people use Banks and their services is dramatically changing. Banks need to change their DNA and fully reshape their organizational structure and business model to compete with Tech Giants.”
Cristiano Motto, Digital Evangelist at Barclays Bank PLC, London (Presentation)
“The Regulator as the new real enabler: This matter shows the Regulator as the real enabler for the developments of payment transactions, acting as a stakeholder for the interests of the overall market. This reveals that the expectations behind this European Directive are driven by common interests to timely return to Europe a higher weight of economic exchanges. […] The banks will discover a new value in their customer’s data: The banks, the current data owners, are claimed to give a renewed estimate to data they have been so far processing according to internal interests only, this enforcing the view of a new monetization of personal and economic data. […] The banks have to operate as a balancer of different expectations from the market: Financial institutions have to react finding a balance between the current status in which they are traditionally considered as a guardian and owner of market rules and the opportunity to activate new motivations for arrangements and developments, under the call from Authorities trying to equilibrate the different upcoming interests. […] It is a matter of time and technicalities: The accomplishment process has entered a non-return way across Europe and it is up to the different Institutions to decide when and how to undertake the new process. Since the new technical communication and authentication processes between parties are currently under discussion for being harmonized it is worth waiting until the first outcomes of the proposed standards from ERPB (ECB) expected by June this year before actively committing resources. […] New behaviors of the digitized citizens: The scenarios which help depicting possible use of technology can be perceived thinking, for example, to a multi-device computational context where wearable devices, smart phones, tablets, PCs, smart home, e-shops, vehicles and urban spaces can communicate and exchange value in an automatic and quick mode. This perspective leads to a deep renewal of the fundamentals user’s trust should rely on. Users, indeed, seem to depend on apparently lower security expectations while, on the other side, operators are asked to increase the pervasiveness and the effectiveness of anti fraud and risk management systems without revealing the burden if it.”
Enrico Toso, Compliance Manager at Deutsche Bank (Italy), Milan (Presentation)
“Whatever is technically possible, will be done» and not «whatever we do, will be done technically […] Bankers are used to create new products; but now they have to create new business models […] After industrialization came automation and after automation came computerization, after computerization came digitization, which is now joined by “robotization”…”
Rainer Kessler, CEO at Governance Concept GmbH, Zurich (Presentation)
Agenda
- 45 – 18.00 – Guests arrival
- 00 – 18.10 – Welcome message
- 10 – 18.40 – Case Study from Barclays Bank PLC “Digital and business impacts of the PSD2 and the potential interaction with other digital patterns in the banking area” presented by Cristiano Motto
- 40 – 19.10 – Case Study from Deutsche Bank (Italy) “IT and organisational GRC and Security impacts of the PSD2 in the banking industry” presented by Enrico Toso
- 10 – 19.30 – “Swiss financial services providers approach to the PSD2” presented by Rainer Kessler
- 30 – 20.30 – Moderated roundtable discussion
- 30 – Networking Apéro
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