Now banks are on the brink of a similar sea change thanks to a regulatory change in Europe that will force banks to make their customers’ data available via “APIs” — application programming interfaces. With this one small change, Europe could become to digital banking what California is to U.S. auto-emissions standards. That is, Europe’s banking rules will push the industry’s acceptance of new technology globally and accelerate the pace of change in the industry. The rule change isn’t just going to affect customers; it’s also going to affect bank stocks. And across Europe, we estimate, as much as 41 billion euros of bank revenue is at stake if banks don’t embrace this change and get ahead of its implications.

Source: Forbes June 05, 2017 13:41 UTC