ING planning single banking platform for European markets

[Branz]

http://www.independent.ie/business/...g-platform-for-european-markets-34853943.html

extract: I find the last paragraph amazing...

So-called aggregator websites allow customers to manage all their accounts in one place. Traditional banks see independent aggregators such as Mint.com in the US as a potential threat to their business
..
Regulatory changes are set to make the online banking world even more competitive. The EU revised Payment Services Directive (PSD2) means member states will have until January 2018 to offer freedom for customers to make banking transfers between various bank accounts with the help of a third-party player.

....
Third-party access to account data means banks will have to make substantial IT investments to ensure security of payments and consumer protection, analysts at Barclays said.

Millions of people already share their bank account passwords with third-party sites and apps that help them track their spending but security concerns have prevented even wider use.

 

[Lightning]

The EU revised Payment Services Directive (PSD2) means member states will have until January 2018 to offer freedom for customers to make banking transfers between various bank accounts with the help of a third-party player.

The PSD2 regulations are going to have major effects on banking. PSD2 will allow third party access to your bank account via API's which should lead to a surge in third party apps and connectivity such as mobile wallets that bring together all your bank accounts.

 

[trasneoir]

Huh. If apple or google, or visa can become our defacto banks, then traditional retail banks and credit cards could go the way of blockbuster in 5-10 years?

 

[Lightning]

Huh. If apple or google, or visa can become our defacto banks, then traditional retail banks and credit cards could go the way of blockbuster in 5-10 years?

Physical credit card days are most likely numbered. Near Field Communications (NFC) technology via mobile phone payments seems to be the future. Eventually, bio payments via retina verification will surely happen.

Getting a full banking license globally for Google or Apple would be huge step away from their core business. Whilst, Google and Apple will facilitate payments, offer payment tools and might offer mobile PSD2 compliant API wallets, I would be surprised if they go the full hog and get a full banking license internationally.

 

[trasneoir]

Getting a full banking license globally for Google or Apple would be huge step away from their core business.

They don't need to get their hands dirty with actual banking. They just provide the UI layer between you and the money in your bank. They can strip the value out of the banks without really having to compete with them.