The impending shift to “open banking” through the implementation of the Second Payment Services Directive (PSD2) in Europe means radical change for banks, retailers and consumers as well as internet players like Facebook and Google. The ability to obtain direct access to consumers’ bank accounts and new security requirements for all transactions will fundamentally alter how we pay for goods in shops and online.
While the industry has been myopically focused on how this will transform the banking sector there is little insight into the affect on retailers. For retailers it presents an enormous opportunity to both reduce the costs of doing business and to deliver new and better services to customers. However, it also presents a threat. Threat or opportunity depends on the level of preparedness and approach from merchants. The real question – are retailers prepared, or even aware of the fruit this regulation could bear? And what steps do they plan to take?
Critically this will provide the first indication as to what retail technology companies need to do to capitalise on the change and what technology investments merchants are set to take.
This new study of major tier one and tier two UK retailers, entitled “Unaware, unprepared or paralysed? Retailer readiness for PSD2”, provides new insight into the opportunities and threats for merchant and retail technology providers. The research conducted for Consult Hyperion and CCgroup by Sapio Research reveals the worrying statistics about just how unprepared retailers really are, with little time to get up to speed and capitalise.
It provides essential reading for retail technology providers – across payments, security, loyalty, analytics and POS – to get one step ahead of the competition.
The research goes live on Wednesday 10th January, register today by filling in the form on the right of this page, to receive your copy of the research 24 hours ahead of the pack!