The topics related to digitalization in banking range from Open Banking and Realtime Payment to super apps and central bank digital currencies, sustainable banking and the use of artificial intelligence.
PSD3 provides framework for digital banking
An important framework for digital banking is the European Payment Services Directive (PSD), which is currently being revised and will result in PSD3. Among other things, this involves greater standardization of the interfaces for account access (Access to Account). To this end, the European Payments Council (EPC) has developed the SEPA Payment Account Access (SPAA) Scheme Rulebook. Asset holders can provide transaction data to asset brokers for a fee - subject to the consent of the customer concerned. This will enable a step from Open Banking to Open Finance, as data will be considered as assets.
In addition, further regulatory changes in the areas of contactless payment limits and delegation to digital wallets are also expected in PSD3. The topic of strong customer authentication (SCA) is also sure to be tightened up.
Digital euro still faces many challenges
The digital euro can currently be expected between 2026 to 2028. In a first step, it is to be launched as a digital supplement to cash for private customers. At the moment, it is difficult to estimate how much this will affect banks' business, because there are still so many detailed questions to be clarified. Among other things, this concerns what responsibilities commercial banks and merchants will have in the process, but above all what customer benefits will be generated to convince them. It will also be relevant whether Apple will open the NFC interface for a digital euro to enable convenient tap payments.
In parallel to the classic Central Bank Digital Currency (CBDC) approach of a digital euro, a programmable token is also being considered: A Commercial Bank Money Token (CBMT) would allow the business to link payments to deliveries and support more complex payment processing.
Customer request: sustainability
The general discussion about environmental protection and sustainability has also reached the financial sector. According to a recent survey, 46 percent of Germans consider companies' commitment to ESG (environmental, social, governance) to be an important investment criterion. Additionally, 28 percent of Germans would use their bank's service to track the carbon footprint of their purchases. Providers such as Doconomy from Sweden determine the consumption of CO2 or water on the basis of transaction data. This is just one example of the opportunities that digitization offers to address specific customer needs.
Another opportunity lies in aligning offers and services to better suit the needs of different target groups. After all, the "one product for all customers" strategy no longer promises success. This becomes clear when differentiating between age groups - from children to generations Z, Y and X, and even "silver agers”.