“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.”

“The empowerment of users must be the key driver for data use and trust must be the foundation of any data sharing initiatives. Security cannot be an afterthought in data-related discussions. ”

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 and valuable opportunities for data-driven innovation will come from reusing and combining data, particularly across sectors. For banks, access to data beyond the financial sector can enable innovations which can help to enhance the customer experience, improve cybersecurity and consumer protection and strengthen risk management.


Setting the ambition to make the EU a role model and a leader in the data economy, on 19 February 2020, 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. The Strategy also acknowledges data as

EBF vision for a European Data Economy

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.

We, therefore, welcome the European Commission’s Data Strategy and its aim to “increase the use of, and demand for, data and data-enabled products and services throughout the Single Market”. See EBF submission to European Commission’s Data Strategy consultation (PDF), and key messages (PDF).

If effectively implemented, the Data Strategy is a first step to promote a European Data Economy that benefits both consumers and firms and we encourage the Commission to consider the following actions:

Put Users at the centre

Users should be at the centre of the data economy and initiatives should directly help individuals and firms to take control over their data in the digital environment –  how it used and how it is shared.

21st century Develop Data portability 

To empower individuals, we support enhancing the existing portability right for individuals under Article 20 GDPR

Adopt a cross-sectoral approach

An ecosystem of data, which is not limited by sectoral boundaries, is needed to realize opportunities for consumers and firms.

Encourage re-use of public sector data

The public sector in Europe has a central role to play in empowering users and facilitating the reuse of data. We encourage policymakers

EBF positions on the Data Economy and Open Finance


Competing in Digital Finance: New rules for a new market

Thursday, 4 November 2021



The second Digital Thursday 2021 focused on the evolving competition landscape in digital financial services and the challenges this poses to the ongoing digital transformation of banking and banks. Access to relevant infrastructure and data, as well as the supervisory framework are key enablers to innovation. The event discussed the importance of ensuring fair competition among participants in the digital market and will offer exchange of views on some of the key policy debates such as the Digital Markets Act, access to and sharing of data, and the role Digital ID can play in this shifting landscape.


European data economy & open finance: What does it all mean?

Thursday, 29 October 2020



The second day of EBF’s Innovation & Cyber Thursdays 2020 was devoted to the European Data Economy and Open Finance. The European Commission, through its Data Strategy, has set a goal to build a Single Market for Data in Europe. It has also made fostering a data-driven financial sector one of its priorities, including a commitment to present a proposal for a new Open Finance Framework by mid-2022. These two initiatives are not mutually exclusive. During the day, the sessions focused on how these initiatives fit together, first by looking at what role policymakers and stakeholders can play to increase data sharing in Europe, particularly across sectors. The discussion zoomed in on what was happening in the financial sector, looking at a future EU open finance framework – the challenges and opportunities it could bring for firms and consumers, and a discussion on what the foundation for such a framework could look like..

For more information

Alexandra Maniati

Alexandra Maniati

Senior Director of Innovation & Cybersecurity
Liga Semane

Liga Semane

Policy Adviser, Innovation & Data