Objectives of the session
This session will first discuss the opportunities associated with data-led innovation in the financial sector for financial institutions and their customers, the conditions for fully reaping the full value of data in the financial sector and the potential challenges or obstacles to the realisation of these opportunities.
The panel will also discuss the priorities for supporting data-led innovation in the financial sector, whether existing financial frameworks and digital policy proposals underway (Data Act, AI Act, Digital Finance Package, open finance framework…) provide an appropriate framework for leveraging the opportunities of data-led innovation in finance while addressing the related challenges and if additional initiatives are needed e.g. related to data standardisation.
Points of discussion
- Opportunities and challenges associated with the further use and sharing of data: What are the key opportunities offered by data-led innovation in the financial sector and how are they materializing? What are the conditions for fully reaping the value of data in the financial services sector? What are the potential obstacles or challenges to overcome?
- Policy framework and further initiatives needed: Do the EU digital legislations (Data Act, AI Act,…) and the Digital Finance Strategy provide an appropriate framework for leveraging the opportunities offered by data in finance? Do these frameworks offer an appropriate balance between risk mitigation and supporting innovation? What additional value can be expected from an open finance framework? Are additional initiatives needed to overcome certain challenges e.g. in terms of standardization, interoperability?