3FOOD

Third Industrial Revolution Consulting Group
INFO BOX – 10 THEMES TO BE ADDRESSED FOR A SUCCESSFUL DIGITAL
TRANSFORMATION
1. General legislation and regulation of the financial sector: Transformational change
requires intense cooperation between industry, lawmakers and regulators.
Regulators will play a key role to ensure a level playing field as well as protection.
Success can only be granted within the European Digital Single Market (striking the
right balance between enabling innovations, ensuring stability, protecting
consumers, and preventing financial crimes as well as avoiding market
fragmentation) and beyond.
2. Cloud: Create an appropriate framework (including by promoting ICT standards) that
allows EU financial services to innovate by using cloud technologies taking into
account the international dimension. Ensure level playing field among European
(compliance with local outsourcing regulations…) and non-European actors (e.g.
data location restrictions)
3. Data (data value chain and privacy): Ensure legal certainty on the use of Big Data and
open data and a common understanding on key concepts such as data ownership
and anonymisation and pseudo-anonymisation. Provide for an appropriate
regulatory framework (including assessing further the impact of the recent data
protection regulation on digital banking) which ensure a fair access to (open) data,
and allows for the development of competitive business models based on data, as
well as a comprehensive use of data analytics while ensuring safeness and privacy of
personal data within the EU and:
Allowing balanced restrictions on profiling (notably for a full use of data
analytics to the benefits of customers, as well as e.g. in the assessment of
creditworthiness and fraud prevention);
Considering the international dimension by promoting consistency between
EU rules and rules applicable to non-European actors;
Allowing a wider range of (pseudo-) anonymised data processing for client’s
personal data.
4. Platform and infrastructures: Regulate digital platforms and infrastructures to
ensure a high level of security (including strong authentication) and a balance rights
and liabilities of third party providers. Regulate access on a reciprocal basis for
financial institutions to customer related information held in other digital platforms.
319