“Data sharing and AI open up great opportunities for us in Europe to increase prosperity for citizens and boost growth for businesses. For our banking sector they can enable major innovations to enhance customer experience, democratize financial services, improve cybersecurity and consumer protection and strengthen risk management. But that is only possible if consumer trust is conscientiously safeguarded.”

“Our data strategy aims to make sure that our businesses and public entities have access to more data, and to good-quality data. So that they can innovate and provide better products and services in a way that fully preserves our rights and values.”

There is widespread consensus that data has become a strategic asset in the digital economy.  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. It is also one of the key ingredients of Artificial Intelligence and machine learning. See here for EBF position on AI 

Setting the ambition to make the EU a role model and a leader in the data economy, on 19 February, the European Commission published its Data Strategy, to create a genuine single market for data in the EU and address current issues in data access, data  interoperability and quality, data governance, infrastructures and technologies.

Data in the Banking Sector

The EBF believes that allowing further use, access and sharing of data on the basis of clearly defined rules would unlock wide economic benefits and become a key enabler of economic growth and boost Europe’s competitiveness globally.

Data relevant for financial services is not exclusively in the hands of the financial sector. There is a growing acknowledgement that relevant data from different sectors holds significant potential for the financial industry, helping to provide users with enhanced customer experience, better risk management, strong security and fraud detection, better services and convenience, as well as helping to enhance green financing and providing sustainable investment opportunities. The key driver for the use of data should always be user’s interests and empowerment.

The EBF believes a multi-sectoral approach is necessary to fulfil consumers’ expectations, ensuring a level playing field for all players, reciprocal benefits and the highest standards of consumer protection.
Data Usage, Access & Sharing in The Digital Economy, EBF Position Paper