Data sharing and open finance are now a reality, and have the potential to revolutionise the banking experience through better knowledge of customers' needs. The European Commission has now launched a consultation on this issue, for which the ABBL is working with its members to define a common position and give a better understanding of the impacts of the future implementation.

The consultation questionnaire includes some key questions for the financial sector:

  • New data access rights and for what products
  • Possible compensation for data sharing and the establishment of a level playing field
  • Possible introduction of standards for technical infrastructure
  • Regulation and supervision of open financial information services
  • Customer protection, including consent management
  • Potential role of non-financial data
  • Interaction with data protection rules
  • Liability issues

Options considered by the Commission at this stage include 

  • Promoting market-oriented standardisation to remove technical barriers to data re-use, without introducing new data access rights. 
  • Introducing new rights of access to data, but in a limited number of areas. For example, for savings and securities accounts.
  • Establishing access rights to customer data across the financial sector, in line with the Data Act proposal. 

The deadline for responses to the consultation is 5 July. The policy orientation chosen will take into account the responses and discussions. The Commission is expected to present its orientations and possible proposals in late 2022/early 2023. 

As a member of the ABBL, you are welcome to share your views on this important issue with the ABBL!