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Book Details
Abstract
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:
- 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?
Sylvian Bouyon is Research Fellow at CEPS.
Table of Contents
| Section Title | Page | Action | Price |
|---|---|---|---|
| The Future Of\rRetail Financial Services | Cover | ||
| Table of Contents | vi | ||
| Glossary | viii | ||
| Executive Summary | 1 | ||
| Introduction | 9 | ||
| 1. What type of level playing field for the digital transformation? | 15 | ||
| 1.1 Three main types of actors with differentiated regulatory\rburden | 16 | ||
| 1.2 ‘Similar product, similar regulatory treatment’ versus\r’equal chance for anyone to succeed’? | 18 | ||
| 1.3 Further prudential rules for peer-to-peer lending | 21 | ||
| 1.4 Harmonised guidelines for regulatory sandboxes | 24 | ||
| 2. Big (alternative) data and increasingly sophisticated algorithms:\rOpportunities, risks and possible policy solutions | 29 | ||
| 2.1 Rapid emergence of new types of data | 30 | ||
| 2.2 Opportunities for retail financial services and insurance | 33 | ||
| 2.3 Risks for retail financial services and insurance, and\rpossible regulatory responses | 39 | ||
| 3. What should the framework be for pre-contractual information\rduties in a digital era? | 49 | ||
| 3.1 The big picture: some statistics on the online/offline\rbehaviour of consumers | 50 | ||
| 3.2 Review of online aspects in existing European rules\rfor pre-contractual information duties | 56 | ||
| 3.3 Need for consistency of rules across distribution channels | 66 | ||
| 3.4 Role of behavioural insights and big data analytics:\r‘Standardised’ versus ‘personalised’ disclosed information | 68 | ||
| 4. How to improve the regulatory framework for digital\rauthentication? | 75 | ||
| 4.1 Introduction to eIDAS | 76 | ||
| 4.2 Opportunities of the eIDAS | 78 | ||
| 4.3 Challenges ahead | 81 | ||
| References | 87 | ||
| Annex. Task Force Members and Invited Speakers | 92 |