Data Usage, Access & Sharing in The Digital Economy: EBF Position Paper
BRUSSELS, January 2020 – The European Banking Federation is the voice of the European banking sector, uniting 32 national banking associations in Europe that together represent some 3,500 banks – large and small, wholesale and retail, local and international – employing about two million people. As part of the digital transformation of the banking sector and more broadly of the European economy, the EBF would like to provide its initial assessment and remarks on the current debate around the appropriate milestones for the development of a data-driven economy. The EBF stands ready to provide further support and more detailed recommendations on this issue as necessary. There is widespread consensus that data has become a strategic asset in the digital economy. Data is also one of the key ingredients of Artificial Intelligence and machine learning. Building a European data economy is part of the Digital Single Market strategy. Access to and re-use of data is considered a crucial step towards a competitive EU data economy which will benefit both consumers and EU firms.
The competitiveness of firms thus increasingly depends on timely access to relevant data. On the one hand, the broadest dissemination (through access and sharing) and use of data by the largest number of firms would seem to be desirable; on the other hand, the efficiency of broad data dissemination must be balanced against a number of other important concerns, such as the need to ensure sufficient investment incentives for firms to collect, process and secure data; the need to protect privacy (where sensitive personal data is concerned) and business secrets; and, the possible collusive aspects of data sharing. The issue is unquestionably complex. Although the debate touches upon all the different types of data (personal, non-personal) , this note focuses only on the usage, access and sharing of personal data, most likely the most complex aspect of the discussion.
Liga Semane, Data & Innovation – Policy Adviser – email@example.com