Snippet: As most organizations in the fintech space know by now, the European Banking Authority’s regulatory technical standards (RTS) on strong customer authentication take effect in September next year.

As most organizations in the fintech space know by now, the European Banking Authority’s regulatory technical standards (RTS) on strong customer authentication take effect in September next year. Given that the requirement to have the relevant APIs, documentation, and testing done a full six months before that date, the actual deadline is March 2019. With less than half a year to go, the implementation clock is ticking loudly.

Unsurprisingly, compliance is front of mind for most financial institutions as this deadline creeps ever closer. In this climate of massive transformation, banks are cognizant that it is no longer enough to merely enable digital transactions securely – a host of competitors from within and beyond the traditional financial services sector can provide consumers with endless options, each more exciting and “user friendly” than the next. For banks to remain relevant, it’s becoming increasingly important to offer engaging products and services that keep customers coming back.

Now more than ever, the financial and payments industries are compelled to navigate a highly changeable, uncertain landscape; one that demands absolute stringency regarding security and authentication, while simultaneously calling for quicker, easier, and more enjoyable digital experiences. Organizations are finding themselves seemingly torn between needing to comply with regulations on the one hand and satisfy consumers in new and innovative ways on the other.

In the post-PSD2 world, forward-thinking organizations will need to build customer-centric experiences that empower users to interact from anywhere, at any time, strengthening their trust relationship with their users every time they transact. This will be especially important in the environment that open banking will create, where many outside parties will start interacting with your users. You as the financial institution need to be more than just another service provider; you need to become the trusted keeper of your customers’ digital assets.

This is no small undertaking, but it is indeed possible to ensure that your digital transformation strategy incorporates both strong security principles and enough flexibility to allow for adaptive, innovative customer-centric services.

Join our complimentary webinar at 1:00 PM (CET) on 6 November 2018 to listen to Crealogix Head of Product Management (Digital Banking), Marc-André Dumont, and Entersekt’s SVP Europe, Claudius van der Meulen, for a discussion on matching PSD2-compliant security with superior usability.

In this webinar, the following topics will be discussed:

  • Current market challenges and needs
  • The challenge of providing a superior customer experience while upholding security and complying with regulations
  • The solution explained: How security is ensured
  • Demo of solution: How security and customer experience can go hand-in-hand

Click here to view the webinar!


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Entersekt editor

Entersekt editor

An avid scowler and violent sharpener of pencils, Editor’s bark is worse than her bite. Every scrap of writing that crosses her desk she treats with the same care she would her own privately published comic verse. Any orphans and misfits, she takes under her wing. After hours, she practices amateur type design and represents her local library in extreme kerning competitions.

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Entersekt is an innovator of customer-centric fintech solutions. Financial services providers and other enterprises rely on our patented mobile identity system to provide both security and the best in convenient new digital experiences to their customers, irrespective of the service channel. With us, they can concentrate on their innovation roadmap, while delivering intuitive, low-friction digital experiences to their customers.