Effortless transfers, the ability to conveniently shop online or have a permanent view of your account balance – among other things, these advantages are appreciated by Poles who increasingly use banking. In total, over 35 million of such agreements have been signed in our country, but this does not mean that we are not afraid for our financial data.
This year it will take effectwhich governs how access to banking payment accounts can be obtained by external entities such as fintechs. It makes it possible to provide new types of financial services.
Getting more information about bank clients will allow financial institutions to better tailor their offers to them. The so-called open banking will obviously have much more benefits for consumers. As Rafał Gibczyński from Solven Finance comments:
“The introduction of the PSD2 Directive will bring many financial options to financial institutions. One of them is managing accounts from different providers using one application. Thanks to this solution, the customer will be able to immediately check his financial situation. Soon, we can expect new strategies on the financial market and changes in the existing division of roles in the Consumer Finance segment. ”
All these benefits, however, also cause customers’ concerns about the security of their data. A recent survey showed that Poles are distrustful of financial institutions – 49 percent. we are concerned about the lack of anonymity when using new services, and 47 percent. is afraid of the ways in which financial data will be processed.
As you can see in the picture above, Poles would prefer that new services offered under open banking be offered to other banks that already have a confirmed position on the market. This is even despite the fact that fintechs have the most to offer when it comes to new solutions. There is a huge challenge facing the latter.
“The PSD2 Directive in force in all European Union countries guarantees fintechs, i.e. Internet payment operators, easier access to clients and the possibility of offering them innovative solutions other than those proposed by banks. […] In popular consciousness, fintechs enjoy less trust than banks, but confidence in this sector will grow with the promotion of their services on the market. ” – representatives of Solven Finance.
Source: Solven Finance. Photo (1):, illustration (2):