BFSI is one of the industries where AI/ML is causing significant upheavals in 2021 and beyond. Despite the pandemic, interest in AI and ML implementation has been resilient. According to a survey conducted by the Bank of England, around 40% of respondents said that the relevance of machine learning for future operations has increased, with 10% of institutions on a significant rise. The relevance of machine learning has not decreased at any of the banks. The financial sector is heavily utilizing artificial intelligence and machine learning to automate and simplify processes.
The target date for the entry of the Republic of Croatia into the Eurozone is still set to 1 January 2023. But while the start of 2023 is the first possible date of entry, some forecasts claim that not all the requirements will have been realized by then because preparation projects last up to 3 years, and 90% of the cost lies in IT system adjustments.
Before the concept of open banking was implemented, some financial services companies used the widespread ‘screen scraping’ to provide services that will now be enabled by PSD2 regulations and the concept of open banking, but in a safe way. In this blog, we will briefly present how users are protected through PSD2 regulations.