In recent years, financial institutions as well as entrants such as ‘FinTech’ companies and ‘BigTechs’, have started to use consumer data in new and innovative ways. This use of consumer data can have potential benefits to both consumers and financial institutions, but it may also pose some risks. Even though there are general rules regarding the use of data, very little is specific for the financial sector. Is there a need for a framework on the EU level to regulate the use of consumer data in financial services?
Possible discussion points:
- How will the innovation use of consumer data change the financial services industry?
- What are the major benefits from innovative uses of consumer data?
- Are there any legal or other type of barriers preventing an efficient use of consumer data?
- How can information asymmetries between consumers and financial institutions be addressed?
- How can the misuses of personal data be avoided?
- Is there any risk of unfair treatment of consumers due to incorrect data or incorrect interpretation of personal data?
- Is there a real risk that consumer data may be hacked by third parties? What would that entail?
- Is there a risk for questionable use of consumer data and if so, would it lead to reputational risks for financial institutions?
Sophie in ‘t Veld Member of the European Parliament
Rita Bairros Retail banking expert, EBA – European Banking Authority
Sarah Munro Head of Identity Service, Barclays
Farid Aliyev Senior Financial Services Officer, BEUC – The European Consumer Organisation
Moderator: Wolfgang A. Maschek Partner and Head of the European Public Policy Practice, Squire Patton Boggs (US) LLP