EBA issues FinTech Impact Report
European Banking Authority (EBA) issues the Report on the impact of FinTech on Payment Institutions’ and E-Money Institutions’ Business Models, focusing on the current trends and drivers, the different approaches to FinTech, the interaction with BigTech firms, and the level of implementation of innovative technologies.
The expectations and behavior of customers in relation to payment services have changed significantly. They also demand variety in the options and choices they are being offered. As a result, institutions should develop more “customer-oriented” strategies, making customer intelligence a main factor of improved business decisions, customer acquisition, retention and satisfaction, enhanced revenue, profitability and value-added services.
This article provides further insight on regulatory landscape (GDPR and PSD2), key challenges and threats.
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