The use of the Internet, smart phones and galloping technology developments over the past two decades have an unimaginable impact on the future organization of banking operations. The change in customer preferences in connection with the increasing volume of online shopping and new technology solutions that support transactions and payments without the participation of the bank as intermediary have provoked the reaction of European regulators and the adoption of the Internal Market Payment Services Directive (PSD2). The directive, which has been in force since January 2018, obliges European banks to provide information about the client to all third parties with client consent - traders, payment institutions, financial and technology companies and numerous other participants. The impact ofthe Directive on the strategic operations of European banks is remarkable - it implies the construction of new business models in retail banking, the definition of new (digital) banking products and services, information technology changes in banking platforms, significant investments in infrastructure, and potential loss of income from fees and commissions. Implementation of the Directive provides for a uniquely decentralized European payment system, which represents a platform for the further development of online trade and online payments. The paper identifies the trends that encouraged the adoption of the PSD2 Directive and presented the key areas of its impact: a new model of online payments, changes in behavior and the future powers of banking clients, the position of European banks in the payment market and the necessary changes in banks' operations.

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