Change brings opportunity: The EU banking ecosystem and the importance of APIs

    May 2018

    New technologies, increased competition and a favourable regulatory environment are among the factors driving innovation across the financial services industry. Major banks and financial institutions are facing increasing competition from FinTechs that offer flexible products through digital banking apps, as well as from tech firms that are also entering the sector. Dr Andreas Fillmann, Partner in the Financial Services Practice Group and member of the global FinTech team, provides insight into the opportunities presented by the revised Payment Services Directive (‘PSD2’) and Open Banking for banks and the importance of Application Programming Interfaces (‘APIs’) within this changing landscape. This article was first published in Payments & Fintech Lawyer, April 2018, and is here reproduced with the kind permission of the magazine.