The ever-increasing digitalisation of our society forms a key priority for the consumer credit industry through the uptake and enhancement of both new and existing tools, responding to the evolving needs and expectations of consumers, as well as enabling greater financial inclusion. The digital transformation has a broad and significant impact on the sector, through new technologies, emerging non-financial market entrants, and, not least, evolving consumer expectations in the field of retail financial services. The processes have only been further ramped up by the impact of the COVID-19 pandemic and the need to rapidly move many operations and activities into a fully digital mode.
For lenders, it is essential to adjust to this new landscape in order to continue offering customers the right products for them, in a safe way, meeting expectations regarding products and customer journey, within a level playing field. Eurofinas welcomes the European Commission’s broad set of initiatives in the field, with its Digital Finance Strategy being a key tool to further support digital finance in Europe. In particular, we support the principle of same activities, same risks, same rules, same supervision within the relevant market and including all market players. We also encourage a forward-looking approach ensuring that the relevant frameworks are technology—neutral and innovation friendly. It is crucial to embrace the opportunities of data-driven innovation, allowing further benefits for both consumers and the financial services sector, while protecting the safety of consumers as well as the integrity of the financial system.
A European framework for AI – analyse general developments in the application of AI, including automated decision making, machine learning, and advanced data analytics.
A European digital identity – increase the ease with which consumers can identify themselves with finance providers while helping to fight against fraud.
Data governance & open finance – boost innovation and flexibility in financial services while ensuring consumers and their data are well protected.
Digital operational resilience – ensure that providers of consumer credit can benefit from the resilience that digital technologies can provide (for instance during the Covid pandemic) while minimising risks.
Digital platforms and services - assess new rules on digital platforms, including intermediaries, to ensure information sharing and clarity of information for consumers.
Financial and digital literacy – empower consumers to fully benefit from the advantages that digital technologies can provide in taking full control of personal finances.