Internet finance in 2017: Blockchain, PSD2 and the cybersecurity movement are about to unfold

Rage Comment : Deloitte Ireland held an Internet finance expert meeting to express their views on the development trend of the industry in 2017. Among them, cybersecurity, blockchain and the EU Payment Services Directive PSD2 are considered to be major events in 2017. On this basis, global cooperation will be closer, so the key to success is to find the best partners and use their respective advantages and resources to strengthen their own strength.

Translation: Annie_Xu

Deloitte Ireland convened a panel of internet finance experts and asked them a question: What are the expectations for internet finance in 2017?

Blockchain, PSD2 (Payment Services Directive) and cybersecurity, participation and cooperation. This is our expectation for the development trend of Internet finance in 2017.

David Dalton of Deloitte’s EMEA Blockchain Lab said the big story to watch next year is PSD2, as players in the space anticipate the EU’s revised Payment Services Directive to be implemented in 2018.

"This is a new type of regulatory policy that is committed to promoting innovation and opening up the banking industry."

PSD2 essentially requires banks to build APIs on top of existing account infrastructure to allow third-party users to use the bank’s account information.

“PSD2 will allow us to see an open banking platform in the future. And fintech companies may work with banks to develop more interesting customer experiences on the back end of this platform.”

Keith Fingleton

Keith Fingleton, Chief Technology Advisor at IDA Ireland, preached the time for disruptive start-ups and traditional financial institutions to collaborate, along with Ross Leonard, Head of Credit Cards at Permanent TSB.

Fingleton said:

“The world is cooperating.”

"You no longer need to be the smartest person, but you must work with the smartest people. Therefore, this cooperative ecosystem is crucial." IDA will work together to spread this concept.

Meanwhile, Deloitte senior manager Cillian Leonowicz believes 2017 will be the “year of the pilot” for blockchain as it moves from proof of concept to production.

Jacky Fox, head of cybersecurity and IT analytics at Deloitte, sees risks to information security in the future.

"The number of hacker attacks on organizations has increased significantly, and denial of service attacks are the most dangerous to organizations."

Her advice was simple and straightforward, "Be prepared for the denial of service attacks that are coming."