The payments market is developing at a rapid pace. Apple Pay, Wechat, Garmin Pay, Bunq, PSD2, Payment requests, Instant Payments are just a couple of developments that will influence industry dynamics and influence customer payment behaviour moving forward. Let alone the customer’s ever-increasing expectation to access and use these services in a digital and seamless way. What will the payments world look like in the future and how can it benefit insurance companies?
PSD2 and Open Banking impact assessment
How will PSD2 and Open Banking impact your insurance business? PSD2 will soon be a reality and will enable insurance companies to get API access to a new, structured data source with valuable payment account information. In addition, Open Banking is further driving banks to open up other relevant data sets and banking functionality through APIs. We can support your company in identifying the opportunities and associated risks, assessing your strategic choices in the emerging Open Banking ecosystem and ensuring a solid strategy execution partner to realise your strategic objectives.
Payment product portfolio strategy
To expand their service offerings, increase number of customer touchpoints and improve their access to relevant customer data, insurance companies are increasingly offering payment propositions. Opportunity or threat? Either way: be ready for the future where customer interactions and data driven services are key for future relevance.