EBA seeks views on the use of consumer data by financial institutions

The European Banking Authority (EBA) published in May 2016 a Discussion Paper on innovative uses of consumer data by financial institutions, in line with its mandate to monitor financial innovation. The paper identified risks and benefits for consumers and financial institutions, as well as for financial integrity in general.

Feedback received on this Discussion Paper would inform the EBA's decision on which, if any, further actions might be required to mitigate the risks arising from this innovation, while also allowing market participants to harness its benefits.