Digitalisation trends / Digital Finance Strategy
Digitalisation trends / Digital Finance Strategy
Context
Digitalisation is progressing in all steps of the financial value chain, with the potential to improve customer experience, financial products and services, processing efficiency, risk management and cross-border activities. Digitalisation also raises new challenges in terms of market fragmentation, upgrade of legacy IT systems, availability of skills and also new risks relating to cyber-risk, ICT outsourcing, AI use and data sharing in particular. The speed of this transformation is also a challenge in itself for financial market participants and regulators.
The EU has been implementing since 2020 a significant package of measures (the Digital Finance package) to support the digitalisation of financial services, including new frameworks for the experimentation of DLT (DLT pilot regime), the enhancement of digital operational resilience in the financial sector (DORA), the regulation of crypto-assets (MiCA) and a review of existing financial rules to ensure that they are adapted to the digital age and that obstacles to digitalisation are lifted.
Horizontal legislations concerning data and AI (EU data strategy, AI Act) and the FiDA proposal on open finance complete this package.
Work covering many of these areas is also underway at the international level led by the FSB, IOSCO and the BIS in particular. A further issue that is being addressed by the ESA Joint Committee in the EU and the Financial Stability Institute of the BIS at the international level is the impact of digitalisation and of the role of tech players (multi-activity groups and bigtechs) on the financial value chains and market structure and the related risks and policy implications.
Eurofi documents
Extracted from the main Eurofi publications (Regulatory Updates, Views Magazines and Conference Summaries)
Panel discussion summaries
Digitalisation trends and policy approach - Stockholm High Level Seminar - April 2023
Impacts of digitalisation on trading and post-trading - Stockholm High Level Seminar - April 2023
Tech companies in finance: main policy options - Ljubljana Financial Forum - September 2021
Is the current EU financial framework fit for the digital age? - Lisbon Virtual Seminar - April 2021
Eurofi Views Magazine chapters
Competitiveness and stability impacts of technology - September 2023 new
Markus Ferber - European Parliament | Barbara Navarro - Banco Santander | Ksenia Duxfield-Karyakina - Google Cloud, Europe | Tsvetelina Penkova - Committee on Industry, Research and Energy, European Parliament
Technology transformation and policy implications - September 2023 new
Petra Hielkema - European Insurance and Occupational Pensions Authority (EIOPA) | Sarah Pritchard - Financial Conduct Authority (FCA) | Michael West - Moody’s Investors Service | Christian Edelmann - Oliver Wyman (UK) | Philippe Laurensy - Euroclear S.A.
Scott Mullins - AWS
Cloud’s role in building a modern and secure European financial services sector - April 2023
Scott Mullins - AWS
Digitalisation trends in financial services - April 2023
Robert Ophèle - Digitalization in the financial services, new challenges and new opportunities | Paulina Dejmek Hack - European Commission | Fernando Restoy - Financial Stability Institute (FSI) | Ondřej Kovařík - European Parliament | Sara Mella - Nordea Bank Abp | Philippe Laurensy - Euroclear S.A. | Niclas Neglen - Klarna | Petra Hielkema - European Insurance and Occupational Pensions Authority (EIOPA)
Digitalisation trends in financial services - September 2022
Verena Ross - European Securities and Markets Authority | Ondřej Kovařík - European Parliament | Bárbara Navarro - Banco Santander | Scott Mullins - AWS Worldwide Financial Services
Tech in finance: opportunities and challenges - February 2022
Marcel Haag - European Commission | Akash Shah - BNY Mellon | Tsvetelina Penkova - European Parliament | Georgina Bulkeley - Google Cloud | Märten Ross - Ministry of Finance, Estonia
Digital transformation and policy implications - September 2021
Paulina Dejmek Hack - European Commission | Tsvetelina Penkova - European Parliament | Sébastien Raspiller - Ministry of the Economy, Finance and the Recovery Plan, France - Direction Générale du Trésor | Bernd Leukert - Deutsche Bank AG | Colin Fitzgerald - Invesco | Kristine Braden - Citigroup Global Markets Europe AG
Tech companies in finance - September 2021
Fernando Restoy - Financial Stability Institute | Natasha Cazenave - European Securities and Markets Authority | Lie Junius - Google Cloud | Daniel Kapffer - DekaBank Deutsche Girozentrale | Diana Paredes - Suade Labs
Digital Finance Strategy - April 2021
Marcel Haag - European Commission | Harald Waiglein - Federal Ministry of Finance, Austria | Isabel Guerreiro - Banco Santander | Bjørn Sibbern - Nasdaq | Märten Ross - Ministry of Finance, Estonia | Sebastien Raspiller - Ministry of the Economy, Finance and the Recovery Plan, France
Adapting the financial framework to digitalization - April 2021
Fernando Restoy - Financial Stability Institute | Rui Peres Jorge - Portuguese Securities Market Commission | Stephane Janin - AXA Investment Managers | Francesco Ceccato - Barclays Europe
Financial data space and cloud infrastructure - April 2021
Joachim Wuermeling - Deutsche Bundesbank | Tsvetelina Penkova - European Parliament | Christopher Buttigieg - Malta Financial Services Authority | Ksenia Duxfield-Karyakina - Google Cloud | Daniel Kapffer - DekaBank