Jan van Vonno, Research Director at Tink, points to three major trends he sees as having a significant impact in the marketplace in 2020.

Harmonisation of the PSD2 landscape

Looking back at 2019, one thing is absolutely clear: the PSD2 saga is not over yet. Not only has the EBA granted delays on strong customer authentication for online card payments, but over the next 12 months we expect to find radical improvements among the PSD2 APIs on the market.

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In particular, we expect improvements around the customer journey — giving customers access to user-friendly services offered by both banks and TPPs

Customer-centric use cases defined by smart technologies

So far open banking has primarily been referred to in the context of multi-banking and money management apps.

Although we expect nearly every incumbent bank to incorporate these capabilities into their core banking services, 2020 will primarily be defined by the application of AI and machine learning technologies to empower customers.

In particular, banks will see the opportunity in combining smart technologies and open banking technologies to accelerate customer onboarding, enhance customer services and anticipate customer needs.

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The shift from platforms to marketplaces

The year of PSD2 will not only be remembered for ‘the race to September’, it will also be remembered as the year

when banks all over Europe invested tremendous amounts of capital in creating a developer portal with countless PSD2 and non-PSD2 APIs.

In 2020, we expect that banks will start to shift their efforts: increasingly ‘consuming’ APIs instead of ‘exposing’ APIs.

In other words, more banks will aim to operate as a TPP and a number of incumbent banks take the lead by launching a marketplace of TPP services for their own customer