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The threat of PSD2 and how getting the basics right will help incumbent financial service providers prosper

I remember a situation that happened around 10 years ago when I was applying for a Mortgage from my bank.  When making the application I was faced with the fact that I had to complete a complicated form to apply for the mortgage. That was all fair, good and understandable up until the point that I had to gather all my financial data and complete a complicated set of financial computations to prove that the mortgage was affordable to myself. This annoyed me. Why? Well, I’m not a bank ‘switcher’ and had been with the same bank since the first day of university nearly 20 years prior to that. I explained this to my bank, I explained that they were my only bank (I had a current account, a savings account and two credit cards with them although my mortgage at the time was with someone else) and so they had all of my financial history going back 20 years. I then went on to ask that, surely, they could pull together all of my data, look at my spending habits and ascertain, more quickly than I could, if I could ‘afford’ the mortgage that I was applying for or not. …

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The threat of PSD2 and how getting the basics right will help incumbent financial service providers prosper

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