ALFI responded to the EU Commission Consultation "FinTech - A more competitive and innovative European financial sector".
The consultation document is the product of the work of the dedicated EC Task Force on Financial Technology, seeking input from stakeholders to further develop the Commission's policy approach towards technological innovation in financial services.
The document is structured around 4 main parts:
- Fostering access to financial services for consumers and businesses, where artificial intelligence and data analytics for robo advice and execution feature prominently, alongside crowd funding and sensory data analytics;
- Bringing down operational costs and increasing efficiency for the industry through the use of regulatory requirements (“Regtech”), cloud computing, Block Chain/Distributed Ledger Technology (DLT) or outsourcing of non-core business functions.
- Making the single market more competitive by lowering barriers to entry, e.g. via financial services legislation, supervisory practices that need to be adapted and industry standards. This section includes a question about the financial stability challenges related to FinTech.
- Balancing greater data sharing and transparency with data security and protection needs, raising questions around the use of “Big Data” and cyber security.
Download the ALFI response here.