Nearly 90% of the UK and European bankers surveyed believe the millennials will be using a single aggregation portal to access a variety of financial providers, eroding the relationship banks currently enjoy with customers. The Payments Services Directive 2 (PSD2), which comes into effect in January 2018, requires financial institutions to make customer data available to third parties.
Most Millennials will use a single portal to aggregate services from multiple banks - eroding banks' existing customer relationships. Most bankers believe predictive analytics and machine learning will become the most powerful way to win bank customers over next five years. Most bankers believe open banking will have a dramatic effect on the market structure and competitive environment for consumer banking services. Nearly 90% believe that Millennials will be using banking services from a variety of providers that are accessed through a single aggregation portal, significantly impacting the relationship banks currently enjoy with their customers.