This time of year, practically invites a look back at the financial markets. And what a fascinating year it has been! Regulations were announced and then sent back to the drawing board, others were implemented in two stages or eyed with suspicion by the retail sector… These are just a few of the elements that made it into our final newsletter of the year. Naturally, major trends such as Open Finance, data, AI, Embedded Finance and Risk Insights have also remained important. But to spare you a 265-page tome – and to leave room for a glimpse into the year ahead – we are focusing here and now on a selection of key highlights.
FiDA is Dancing the Tango: Two Steps Forward, One Step Back
In 2025, FiDA came across a bit like the diva of the EU stage: first it was “out of the programme”, then suddenly “back in”; in between we saw trilogue theatrics, leak rumours, and plenty of expert panic in webinars and industry groups. While banks and fintechs were sweating over whether they’d be granted 18, 24 or perhaps even 48 months for implementation, consultants calmly explained for the fifth time this year that FiDA “marks the big leap from Open Banking to Open Finance” – just at a point in time that seemingly no one can pin down with any certainty yet.
Instant Payments 2025: The Rocket-Powered Countdown to a Money Revolution
There are, after all, regulations that made it all the way into law. The Instant Payments Regulation unfolded rather like a two-stage rocket launch: in the first thrust, payment service providers had to master receiving real-time payments at record speed – essentially the first rocket stage, already delivering plenty of propulsion. Then, with the second stage in October, it was time to send payments off at full throttle into space (or rather, into recipients’ accounts) – complete with the IBAN-name check as the on-board computer, meticulously ensuring that the money shuttle hits the correct destination. Banks, meanwhile, had to ignite and navigate along the way to keep any payment transport from drifting off into the financial galaxy – a genuine manoeuvre in the vast universe of financial technology.
The Word Monster that Redefines BNPL: The EU Consumer Credit Directive 2025
The EU Consumer Credit Directive 2025 is not only a bureaucratic word monster, but it also brings significant changes to the “Buy Now, Pay Later” (BNPL) model. BNPL will in future be classified as consumer credit, which entails extensive creditworthiness assessments and stricter transparency obligations – not exactly to the delight of retailers. Nevertheless, consumer protection will be substantially strengthened, and BNPL providers will have to comprehensively adjust their products and processes to meet the new legal requirements.
Open Banking, Swiss Style and Balkan Pace: The Financial World Continues to Grow Closer
Switzerland and Serbia are now stepping firmly on the accelerator when it comes to Open Banking – even if the early birds such as the UK are still flying ahead of the pack for the time being. At the end of November, Switzerland officially pressed the start button on its multibanking initiative, allowing bank customers to view all their accounts from different banks in a single app – essentially a financial hub for private customers. Serbia, meanwhile, has been diligently working for some time on PSD2-style regulations to avoid being left behind on the Open Banking carousel. The financial world is therefore continuing to draw closer together – almost as if everyone were invited to a big international banking party, except that this time you need to give your data-sharing consent at the door.
And What Will the Coming Year Bring?
We don’t know, of course! But we do have our suspicions. For instance, this one: customers and their customer journey will no longer be merely academic study subjects or regulatory checkpoints for banks but will become the very heart of strategic survival. Strong and lasting customer satisfaction will establish itself as the new killer criterion that enables banks to truly stand out from the competition.
If you’d like to dig deeper, we recommend our latest content piece.
And of Course, We’re Staying True to Tradition and Seeing Out 2025 with a Few Fun Facts!
In Ecuador, people craft huge monigotes – puppets made of old clothes and filled with sawdust. These are burned on New Year’s Eve to symbolically cast off the bad from the old year and make room for the good in the new one.
In Bulgaria, children lightly tap adults on the back with a colourfully decorated twig (a survachka) on New Year’s Day to wish them health, happiness and prosperity for the year ahead.
In Scotland, the turn of the year – Hogmanay – traditionally lasts up to three days and is full of unique rituals, including singing Auld Lang Syne and the custom of First Footing: the first visitor after midnight is said to bring good luck for the entire year.
With that, we wish you a wonderful festive season and a happy New Year!
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