Does PSD2 fulfil the purpose it was created for and stimulate the competition on the financial market allowing fintech companies to join as new competitors?

Szabó Árpád Mihály (2021) Does PSD2 fulfil the purpose it was created for and stimulate the competition on the financial market allowing fintech companies to join as new competitors? Külkereskedelmi Kar.

	PDF Szakdolgozat -Szabó Árpád -HZAD9D -2020.pdf Hozzáférés joga: Csak nyilvántartásba vett egyetemi IP címekről nyitható meg Download (1MB)
	PDF Appendix_1 Euro Zone banks in the Eu.pdf Hozzáférés joga: Csak nyilvántartásba vett egyetemi IP címekről nyitható meg Download (83kB)
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	PDF Appendix_3 Payment Statistics Relevant Institutions per country and type of economic activity - Q4 2019.pdf Hozzáférés joga: Csak nyilvántartásba vett egyetemi IP címekről nyitható meg Download (181kB)

Absztrakt (kivonat)

Would the Payment Service Directive 2 fulfil the expectations the European member states have placed on it to stimulate the competition among banks and financial institutions. In the same time it needs to be letting new players in the form of FinTech companies to join the landscape and further enhance the competition among participants. Or conversely, will it simply result in already existing banks complying, but not doing anything further, and hinder the foregoing of the new joiners, as they feel jeopardised by their mere presence? This thesis will outline the intended and realized changes that was brought by the Payment Service Directive 2 (PSD2) replacing the older PSD1. This topic is very recent and current. The directive was proposed in 2013, to the European parliament and targeted the change and development of a technologically lagging market, the Financial market; and the directive got adopted in 2015 October. The aim was to bring necessary changes and to reform and unitize the European financial market. The directive had to be implemented by all the member states into their individual legislative system by the 13th January, 2016. Stepping into a new era we will see whether the PSD2 directive boosts the competition in the financial market as intended, and whether existing financial institutions especially banks are able to keep up with the newly founded start-ups or, will they predict their own failure and lag and fall behind after implementing the new technologies, so to decide to do the bare minimum and comply with the law. This is while hindering the rise of the FinTech companies. One will read about this in the 8th chapter of this thesis. The competition will and is growing immensely as part of the Payment Service Directive 2. Banks have to open access to their client date through APIs, so other certified 3rd parties can see them, which leads us to a point where a bank could and would lose their customers to other banks or other certified financial institutions or FinTech company; unless they themselves provide a better solution and win further customers from other financial entities over. I have constructed a Google Form to ask the interviewed which form of PSD2 enabled solution they were aware of or if so,which they have used. The aim was to see how widespread the responders’ awareness is about the Payment Service Directive 2 and about FinTech companies. My hypothesis accordingly is, that the younger generation is more aware of the presence and the opportunities that FinTech companies can provide, while the older generation is less, and is willing to lean towards the ‘traditional banking establishments and their services. My hypothesis is that even though the legislation is well meaning, the end user will not experience a discernible difference as intended by the legislator, of the changes targeted by the PSD2, as sharing an already existing market with new joiner FinTech companies are not considered to be in the banks internal interests, even though, as you will read in chapters of this thesis, they could gain market share. Currently this market is dominated by only FinTech companies and for a fraction in additional spending, (which in any case the banks had to accommodate the changes stated in the PSD2, which resulted in massive IT projects at a high cost for the banks). Subsequently it can be considered that currently, traditional banking establishments have missed an opportunity to evolve and improve their market position brought on via the legislative intent of the PSD2.

Intézmény

Budapesti Gazdasági Egyetem

Kar

Külkereskedelmi Kar

Tanszék

Nemzetközi Gazdaságtan Tanszék

Tudományterület/tudományág

NEM RÉSZLETEZETT

Szak

Nemzetközi gazdálkodás szak (angol)

Mű típusa:	diplomadolgozat (NEM RÉSZLETEZETT)
Kulcsszavak:	bank, banking, elektronikus pénzforgalom, EU egységes pénzügyi piaca, EU pénzügyei, Európai Unió, fedezet nélküli pénzkibocsátás, financial markets, integrált pénzügyi rendszer, nemzetközi pénzügyi jog, világgazdasági trendek, világpiac
SWORD Depositor:	Archive User
Felhasználói azonosító szám (ID):	Archive User
Rekord készítés dátuma:	2021. Szep. 22. 06:19
Utolsó módosítás:	2022. Ápr. 02. 09:47

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