The Future of Retail Financial Services
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In recent years, the digitalisation of retail financial services – retail payments, current/savings accounts, consumer/housing credit, car insurance, property insurance and health insurance – has accelerated significantly. While policy-makers are gradually creating the necessary conditions to strengthen this digital transformation, there remain numerous policy issues and unanswered questions to resolve. Against this background, CEPS-ECRI formed a Task Force to explore four specific core questions:
This report presents the findings of the Task Force, based on discussions among the members, led by the Chairman Kim Vindberg-Larsen, a FinTech entrepreneur. These findings are substantiated and elaborated via in-depth research carried out by Sylvain Bouyon, CEPS-ECRI Research Fellow.
- What type of level playing field is needed to ensure a successful transitions to the digital transformation?
- What are the opportunities and risks related to big (alternative) data and increasingly sophisticated algorithms?
- What kind of regulatory framework is the most appropriate for pre-contractual information duties in a digital era?
- How can the regulatory framework for digital authentication be improved?