The expected impact of the payment services directive 2 in Portugal, at three levels: consumers, traditional banking and fintechs

• Autor(a) principal: Ferreira, Joana Sofia da Silva
• Data de Publicação: 2019
• Tipo de documento: Dissertação
• Idioma: eng
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10071/19527
• topic: PSD2; Portuguese banks; Fintechs; DPS2; Bancos portugueses

The banking industry is significantly changing due to the shifting customers’ expectations, technology-driven innovations and crucial regulatory changes such as the revised Payments Services Directive (PSD2). As a result of PSD2, European banks need to share account information and payment initiations information with third-party providers, in order to increase integration, effectivity and competition on the European payment market. The purpose of this dissertation is to assess the expected impact of this regulatory change, at three different levels: consumers, banks and fintechs. Due to their distinct characteristics, each level was analysed in a different way: the consumers’ level through a quantitative analysis, with the use of questionnaires; the other two through a qualitative analysis, by conducting semi-structured interviews. Regarding consumers, it became clear that banks are highly trusted and that, although they are still unsure about the new services, the willingness to try them is considerably higher if the player is a financial institution. Banks believe that the trust consumers have in them is their major strength to cope with this change, and they are willing to go beyond the required compliance strategy and head towards an open banking approach. When compared to other European countries, they also highlighted that compliance is assured in an atypical way, due to SIBS’ intervention. Both banks and fintechs confirmed that, in order to achieve new business opportunities and overcome weaknesses, they are open to establish partnerships, reason why it is possible to state that there is a cooperation trend in the Portuguese market.