However, it has also opened the door to increased competition from new actors, who will be able to enter areas that used to be completely dominated by the banks. Competition is good, and there are no indications that we will have less competition in future.
In fact, we can expect fiercer competition as a result of the EU's new Payment Services Directive, PSD2, which could be a game changer for the financial sector. PSD2 allows third parties – with the customer's consent – to gain direct access to perform transactions in a customer's bank account. A third party could be e.g.