DENMAR K FINLAND SWEDEN NORWAY THE DIGITAL REVOLUTION – HOW NEW TECHNOLOGY AND MOBILE SOLUTIONS TOTALLY CHANGES THE WAY OF CUSTOMERS ENGAGEMENT • The impact on bank operations and networks • The competitive landscape and how new players (fintech etc) could impact the market • Impact of PSD 2 and TPP’s access to accounts • Including examples from DNB Bank and Norway Global Back Office & Operational Efficiency Summit in Frankfurt, 17 th &18th November 2016 Dag-Inge Flatraaker, DNB Bank
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NORWAY SWEDEN FINLAND DENMAR K THE DIGITAL … · Source: McKinsey Global Payments Map. Norway is today leading in electronic payments, but the enviroment is now changing rapidly
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DENMAR
K FINLAND SWEDEN NORWAY
THE DIGITAL REVOLUTION – HOW NEW TECHNOLOGY AND MOBILE SOLUTIONS TOTALLY CHANGES THE WAY OF CUSTOMERS ENGAGEMENT • The impact on bank operations and networks • The competitive landscape and how new players (fintech etc) could impact the market • Impact of PSD 2 and TPP’s access to accounts • Including examples from DNB Bank and Norway Global Back Office & Operational Efficiency Summit in Frankfurt, 17th&18th November 2016 Dag-Inge Flatraaker, DNB Bank
724503
1166330
1243278
1403856
1553994
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NetherlandsSpain
RussiaNordic region
BrasilItaly
FranceGreat britain
The nordic region
5,1 9,8
5,5
5,3
A region with 25,7 million inhabitants A region with GDP larger than Spain and Russia
Source: The Economist 2016
Source: McKinsey
Leaders in Internet penetration and online banking
Sources: Euromonitor, ECB, National Banks and Banking Associations, First Annapolis market observations
Soon cashless
Source: McKinsey Global Payments Map
Norway is today leading in electronic payments, but the enviroment is now changing rapidly
DNB has a unique position in Norway
6 Total assets 31.12.2015
DNB strategy Domestic strategy • 80% of DNB’s business is in Norway • Approx. 50% corporate and 50% retail customers International strategy • Serving Norwegian clients abroad • International clients in areas of global strategic importance:
Shipping Energy Seafood
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DNB – With a broad global presence supporting our strategy
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Source: DNB
Re-engineering Banking Becoming the cash-less digital bank
• 2008 : 8000 banks in Europe agreed • «SEPA Rulebooks»
• 2009 : New legal basis – Payment Service
Directive
• 2012 : SEPA End date • Legal requirements and mandatory use of SEPA Standards • Removal of national formats in the eurosone
• 2014/16 : «Payments package» (PSD2, PAD og MIF-reguleringen
• Euro Retail Payments Board (ERPB)
ERPB’s agenda: - “SEPA post migration”, improve todays SEPA-solutions (SCT, SDD, e-mandates ++) - Card standardisation (for the time being leverage Card Stakeholder Group (CSG) - e-identity & e-invoicing related to payments - pan-european e-commerce - Mobile Payments (pan-european solutions for proximity contactless and P2P payments) - SEPA “Faster Payments” (24/7) 18
PSD2 – What is new ? 1. PSD1 (implemented in 2009) – focused on eg information requirements/transparency and legal agreements
between customers and banks.
2. With PSD2 the focus is:
3. Increased competition and better access to banks payments accounts for:
i. payment initiation service providers (called PISP)
ii. account information service providers (called AISP)
4. Stronger focus on security and requirements for strong authentication
5. New technical and security requirements from EBA (European Banking Authority being the EU-FSA)
6. More focus on consumers rights, including better complaints mechanisms.
7. Broader regulatory coverage :
1. Will include all currencies – not only currencies in EU
2. Will also include cross border payments were one party is outside the EEA (called one-leg-out)
PSD2 – Why ?
Why? EU Commission wants to build a common digital internal payments market for cards, mobile and internett based bill payments
Timeline ○ Published december 2015 ○ January 2016: The Directive enter into force in
EU ○ Januar 2018: Must be implemented
Background ○ Single European Payment Area (SEPA) ○ Payments Service Directive 2009 ○ New technology and new entrants to the
market
Fintech, nye players, new technology, faster market changes
Customers are changing habits faster than before, fast growth in ecommerce, but also more exposure to fraud, potential lossesetc
More changes will most probably be needed to ensure/preserve safety and trust,
SAMFUNNSANSVAR OG NÆRINGSPOLITIKK
Many details are still unclear EBA have got the responsibility to draft Regulatory
Technical Guidelines for: requirements of the strong customer authentication;
exemptions from the application of these requirements;
requirements to protect the user's security credentials;
common and secure open standards of communication;
security measures between the various types of providers in the payments sector.
Discussion Paper with high level discussion of issues published and sent for consultation early 2016 and then draft RTS requirement with consultation ending early october.
Final RTS requirements for strongs customer authentication and communicationare expected early 2017.
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European Banking Authority (EBA) www.eba.europa.eu