PSD2 influence on digital banking transformation: Banks' perspective

Petrović, Marijana

doi:10.5937/jouproman8-28153

Cited by 6 publications

(2 citation statements)

References 7 publications

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“…Several (consultancy) reports and business outlets have considered implications of firms' compliance efforts with PDS2 in the context of "open banking" 1 regulation (Bric et al, 2018;Botta et al, 2018;Folcia & Fringes, 2017;Hafstad et al, 2017;Omarini, 2018;Petrović, 2020;Jones & Ozcan, 2021;Ozcan & Zachariadis, 2021).…”

Section: Implementation Of Psd2 On the Groundmentioning

confidence: 99%

Navigating the EU data governance labyrinth: A business perspective on data sharing in the financial sector

Coche,

Kolk,

Dekker

2024

Internet Policy Review

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This paper offers a business perspective on the EU data governance framework, particularly related to data sharing in the financial sector. With policy-making ("on the books") centred on guaranteeing data privacy and data security whilst promoting innovation, firms face complexities when implementing this framework "on the ground". We build on existing work in internet policy, governance and law, multidisciplinary insights from business and management studies, and equally consider practitioner reports, legal/policy documents and industry consultations. Using the Revised Payment Services Directive as an illustrative case, our exploratory analysis reveals an implementation labyrinth, with a so-called "privacy-security-control" nexus at its core. Already problematic for firms operating across borders in the EU, this proves to be even more the case for global companies subject to various data sharing frameworks. Our analysis also reveals that the sectoral framework by the books neither reckons with the heterogeneity of firms (incumbent and new banks, fintechs and bigtechs) nor with their business models. We expose how these "on the ground" business realities might bring unintended effects that could be further aggravated by the (inherently slower) pace of regulation, and offer recommendations for policymakers, researchers and practitioners.

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Section: Implementation Of Psd2 On the Groundmentioning

confidence: 99%

Navigating the EU data governance labyrinth: A business perspective on data sharing in the financial sector

Coche,

Kolk,

Dekker

2024

Internet Policy Review

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“…The first comprises the security measures based on Strong Customer Authentication (SCA), while the other is the open banking concept, based on the OpenAPI 2 infrastructure. Open banking (Basel Committee on Banking Supervision, 2019) enables third-party providers (TPP) to access (with the customer's consent) certain data gathered by banks or other financial institutions (Petrović, 2020).…”

Section: Eu Regulatory Policymentioning

confidence: 99%

Retail Payments Strategy for the EU versus the challenges of the payment sector

Polasik

Widawski

Keler

et al. 2021

EiP

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Motivation: The payment services sector has become one of the main areas for the development of financial innovation and the key element of the digital economy. However, the payment services market in the European Union (called the European Payments Market) is still fragmented along national borders, insufficiently integrated, and facing several challenges. Therefore, the newly announced Retail Payments Strategy for the EU is a document of great importance for the future of the entire EU economy, and deserves in-depth study. Aim: The purpose of this paper is to assess whether the trends and challenges identified by the European Commission in the Retail Payments Strategy, and the general directions and proposed actions presented in this document, appropriately reflect the challenges faced by the European payment market. Results: A comparative analysis of the Strategy’s assumptions and proposed actions was conducted, in relation to the identified challenges of the payment sector. The empirical data were derived from a survey of 202 experts from all EU member states, and the UK, Norway and Switzerland, covering all types of bank and non-bank payment market players. The analysis confirmed that the Strategy identified the main challenges and opportunities, in line with the results of the expert survey: the need for further development of open banking; cross-border integration and development of instant payments systems; and ensuring access to the banking payment infrastructure, including contactless and NFC mobile payments. However, the proposed directions of action in selected areas have not been sufficiently rationalised, and most of the actions have been left to be specified in the future. In addition, the Strategy relies mostly on the use of regulatory tools that may limit innovativeness. Although the Commission and the surveyed experts agreed in recognising the challenges related to the increasing role of BigTechs in the payment sector, no comprehensive solution addressing the related challenges was proposed in the Strategy.

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Unravelling cross-country regulatory intricacies of data governance: the relevance of legal insights for digitalization and international business

Coche,

Kolk,

Ocelík

2023

J Int Bus Policy

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In an era of digital transformation, where data is often referred to as the ‘new oil’ of business, with data privacy and cybersecurity incidents recurrently making the headlines, international business (IB) scholars are increasingly grappling with the challenges posed by disparate data governance regulations. Recognizing the growing importance of this topic for IB research and policymaking, our paper seeks to offer a comprehensive examination of cross-country regulatory intricacies of data governance, frequently described by IB scholars as ‘complex’ and ‘pluralistic’ institutional contexts. This allows us to explore the various implications of diverse data governance regulations on international business, thus laying the groundwork for rigorous IB policy studies in this area. As a preliminary finding, we highlight a greater need for international cooperation, where both policymakers and multinational enterprises play a pivotal role. Using the EU data governance framework as an illustrative example, we structure our discussion around four policy areas of data governance: data use; data transfers; data storage; and data flows. We aim for this categorization to serve as a foundational basis for future IB research, aiding in tackling one of the most pressing digital challenges of this day and age: reconciling data privacy and security with data-driven innovation.

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PSD2 influence on digital banking transformation: Banks' perspective

Cited by 6 publications

References 7 publications

Navigating the EU data governance labyrinth: A business perspective on data sharing in the financial sector

Navigating the EU data governance labyrinth: A business perspective on data sharing in the financial sector

Retail Payments Strategy for the EU versus the challenges of the payment sector

Unravelling cross-country regulatory intricacies of data governance: the relevance of legal insights for digitalization and international business

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