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European Financial Services Round Table
 





Tuesday, March 15, 2016
EFR position paper on Digital
The European Financial Services Round Table (EFR) has issued its position paper on Digital, as contribution to the discussions on the Digital Single Market strategy of the European Commission.

The global economy is fast evolving and central to this change is new digital technology. The current evolution of digital technology has huge potential for consumers and businesses. To meet customer demand, banks and insurers are developing innovative solutions while preserving their core values of trust, privacy and security.

The EFR position paper summarises the main issues impacting the financial sector and key recommendations on the regulatory process and touches upon five broad topics that are central to ensure the regulatory framework in digital financial services is fit for purpose and reflects the new and constantly evolving digital reality: General Banking and Insurance Regulation, Access and e-Identification, Data & Cloud, Platforms and Cyber Security.

The EFR recommends that the European Commission should launch an in depth revision of the key issues and building blocks of the digital agenda for financial services to bring the regulatory framework in line with the digitalised world in which we live. In this respect, a horizontal coordination under the “digital” perspective of the different vertical initiatives from Directorate-Generals of the European Commission is necessary, as well as a consistent coordination with the industry. Taking action to accelerate the benefits of digitisation for European consumers is urgent as the normal regulatory process has a pace that does not match the speed demanded by the digital transformation.