Our survey revealed that if customers had the choice between an app offered by their bank, or a similar service from an unknown FinTech startup, they’d stay loyal to the bank they’re familiar with. But no one knows where the tipping point lies. Once it is crossed, PSD2 could drive banks into the background. With customers obtaining services directly from third party providers.
That makes public trust an asset of great value for the banking sector at this juncture. 3rd challenge: forward looking risk management The third challenge I would like to mention, and which I think applies equally to you as banks as to us supervisors, is to cultivate our capability to look ahead. To sharpen our receptiveness to developments around us.