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The seeds are there: all the rumours and expectations of the new PSD2 impact on the future of banking. Still anything visible. Underground, some innovators are preparing to get things out of the dark soil. Will it be an earthquake when sprouting? Will it be a delay, followed by a perpetual postpone? Nobody knows.

We are at the pre-history of something that might shift the things in banking. But will Open Banking make it to the history phase or not? The bets are to be placed between the two extreme visions that are both too exaggerated to fulfil.

On one hand there are The Hyper-optimists — most of the founders of consumer fintech startups and their early adopters. They believe that the impact of the PSD2 in 14th of September 2019 will change the banking ecosystem for good. They are playing Rage Against the Machine song: “We gotta take the power back!” and are ready to laugh at the old establishment when it will be forced to make a role for them. And share the lunch. …

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Started as a hyped initiative to push digital innovation in the UK and spread through regulation triggers in the EU region (PSD2), Open Banking is still in its pre-history, far away from the tipping point of mainstream adoption.

When the Open Banking buzz started to be subject of discussion in the board meetings of financial institutions, some years ago, as a tsunami to come, everybody expected tons of fintech startups coming from the dunes to fight for banks’ lunch. But it didn’t happen yet. It’s been a crazy and complicated ride for some guys that founded companies in this area, later to find out how hard it is. …


Cosmin Cosma

Serial Entrepreneur | Fintech Enthusiast | Open Banking Catalyst | Business Trainer & Speaker

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