Big Data

SHARE

FOLLOW EBF

FOR MORE INFO CONTACT

Noemie Papp

Legal adviser

Consumer Affairs & Coordinator Digital issues

n.papp@ebf-fbe.eu

www.ebf-fbe.eu

DOWNLOAD

FOR MORE INFO CONTACT

Noemie Papp

Legal Adviser

Consumer Affairs & Coordinator Digital issues

n.papp@ebf-fbe.eu

www.ebf-fbe.eu

FIVE ACTIONS FOR THE FUTURE OF DIGITAL BANKING:

  • 1Boost digital inclusion by developing public-private partnerships between banks and public authorities.
  • 2Organise a full-fledged stakeholders debate on innovative payments and pan-EU solutions with consideration for costs and benefits for all stakeholders.
  • 3Promote a cybersecurity awareness campaign highlighting existing and new threats, making digital finance more secure and building trust.
  • 4Conduct a ‘fitness check’ on existing financial services legislation to adjust to the global market reality and to ensure consistency.
  • 5Conduct a joint assessment by both government and industry on opportunities and impact of crypto-technologies.

FOR MORE INFO CONTACT

Noemie Papp

Legal Adviser

Consumer Affairs & Coordinator Digital issues

n.papp@ebf-fbe.eu

www.ebf-fbe.eu

Key recommendations

Key recommendations

Better access to digital banking products and services

  • 1 Develop common modern and simplified set of rules for companies and for the benefit of consumers.
  • 2 Develop public-private partnerships between banks and public authorities to increase digital inclusion.
  • 3 Avoid discrepancies in national taxation, civil law and product specifications defined by national regulations.
  • 4 Ensure interoperability at all levels of the financial services’ value chain to facilitate for example switching, payments etc.

Data value chain / Big data

  • 1 Promote the benefits of data analytics and ensure coherence in their
    application.
  • 2 Ensure a right balance between data protection and data analytics
    methods.
  • 3 Allow a full use of data analytics in the assessment of creditworthiness and fraud prevention.
  • 4 Facilitate interoperability and fair access to digital platforms.

Digital payments

Mobile & instant payments

  • 1 Enable competition and innovation while preserving trust and security.
  • 2 Ensure the newly framed legal environment on payments is conducive to customer confidence and stimulating for electronic payments.
  • 3 Clarify several issues on the access to customers’ accounts and data information by third-party providers via bank’s infrastructure.
  • 4 Organise a fully-fledged stakeholders’ debate on innovative payments for pan-EU solutions with consideration for costs/benefits for all stakeholders.

E-Invoicing

  • 1 Establish guidance to avoid the development of non-interoperable national solutions and services.
  • 2 Develop a communication campaign on the benefits of e-invoicing with a strong commitment from public administrations and financial institutions.
  • 3 Build an easily accessible and secure service environment which can facilitate the implementation of e-invoicing in the B2C and G2C domain.
  • 4 Establish easy-to-use and cheap-to-implement Euro Retail Payment Board’s (ERPB) solutions, enabling businesses to reach all payers in the EU.

Cybersecurity

  • 1 Promote an awareness campaign about existing and new threats; making digital finance secure and building trust should be a common goal for public and private actors.
  • 2 Create a framework for cybersecurity’s monitoring to strengthen preventive measures and to ensure effective and better coordinated responses to cybercrime at EU level.
  • 3 Encourage exchange of information via cross-country public-private partnerships and cross-industry platforms.
  • 4 Promote coordination among coexistent initiatives and develop a one-stop-shop mechanism for incident notifications.

Crypto-technologies

  • 1 Conduct a joint assessment by both governments and industry participants on the opportunities and impact of crypto-technologies.
  • 2 Build a comprehensive regulatory approach to crypto-technologies to help overcome uncertainty for legitimate users.
  • 3 Make transactions subject to the same regulatory standards (ref. to Anti-Money Laundering / Anti-Terrorist Financing - AML – ATF).

E-identification / e-signature

  • 1 Establish a truly interoperable environment with the recognition of a preferential use of cross-border national eIDs.
  • 2 Encourage confidence in e-identification.
  • 3 Establish common standards for document authentication and procedure to ease the use of e-signature at domestic and cross-border levels.
  • 4 Establish a common bank industry standard to allow the use of eIDAS under SEPA and the future PSD2.

Digital skills

Competencies / Talent recruitment

  • 1 Build a map of skill profiles to understand the strength and weakness of a bank’s knowledge environment and the main gaps to fill in.
  • 2 Introduce the implementation of a structured change management process.
  • 3 Improve job rotation practice, to help incentives for knowledge exchange and to build multi-skill professional profiles (e.g. through structured job rotation).
  • 4 Improve employee skills and competencies via training initiatives focusing on the conduct of a digital/online business to guide customers appropriately.
  • 5 Strengthen a collaborative work environment suitable for knowledge exchange and innovation.

Digital education

  • 1 Launch, with the EU and international authorities, initiatives to promote digital financial expertise in society as a whole.
  • 2 Improve digital skills and financial literacy among children, starting with school programmes.
  • 3 Raise awareness on benefits of digital products and services and cybercrime risks.
  • 4 Start partnerships with other interested parties to initiate forward-looking discussion on the benefits of digital financial education

Removing regulatory inconsistencies

  • 1 Conduct a ‘fitness check’ of existing financial services legislation to adjust to the digital market reality and ensure consistency.
  • 2 In the context of the ‘fitness check’ proposed, create a platform for discussion with the European Commission’s DGs to ensure consistencies.
  • 3 Ensure the Digital Single Market balances competition and innovation with trust and security.
  • 4 Safeguard the right balance between data protection requirements and profiling for fraud prevention and creditworthiness assessment.