The Evolving Interdependencies between Banks and Fintechs within Open Banking Platforms
The enactment of the revised Payment Services Directive (PSD2) by the European Union, has pushed banks to develop digital open banking platforms to enhance market competition and promote innovation in the banking industry. PSD2 mandates banks to offer APIs to provide access to banking data to external third-party providers (TPPs). This mandate might disrupt the role of banks since external complem