|dc.description.abstract||The second payment’s services directive, referred to as PSD2, recently went into force. As of
April 2019, Norwegian banks are required to open their dedicated interfaces, enabling third
parties to provide payment services.
This thesis investigates how Norwegian banks have responded to the recent implementation
of PSD2, as well as it examines how competitive relationships and roles have changed in
result. The findings achieved from this study consist of insight and knowledge about the
Norwegian banking and payment market after PSD2. This has been gained through interviews
with 11 key personnel within the financial sector in Norway. In total, six big Norwegian banks,
three financial institutions, and a FinTech network are represented in the study.
Through a comprehensive review of the Norwegian banking market, payment sector and
PSD2, we have found that most banks view PSD2 as something more than just a requirement.
Several Norwegian banks are thus developing new services to utilize the directive.
Account aggregation and overview is the most popular service to develop in response to PSD2.
Further, we concluded that a service for subscription management is next on the list. These
are innovative services banks view as value-adding. It is a paradox, that most of the services
developed by banks in response to PSD2, are not the ones actually requested by customers. As
an explanation to this, we have concluded that banks are innovating at a slower pace than
However, in order to increase innovation and stay competitive, we conclude that banks
cooperate with FinTech companies. This is another important finding: the Norwegian banking
and payment sector is witnessing an increasing degree of cooperative relationships and
coopetition. We conclude that FinTech companies and banks benefit from collaborating in
several cases, even if they are competitors in other areas.
At last, our final finding relates to what new roles banks are taking in response to PSD2. We
have identified four roles: Comply, Supply, Produce and Ecosystem. We conclude that most
banks seem to take the role as a producer, while exploring the role of supplier. Some banks
are also barely touching upon the role as an ecosystem. However, this is the most demanding
role to take, and it will therefore likely take time before we witness anyone succeeding taking