Sylvain Bouyon - The Future of Retail Financial Services: What Policy Mix for a Balanced Digital Transformation?

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The Future of Retail Financial Services

The Future of Retail Financial Services

What policy mix for a balanced digital transformation?

Sylvain Bouyon

Report of a CEPS-ECRI Task Force

Chaired by

Kim Vindberg-Larsen

Centre for European Policy Studies
European Credit Research Institute
Brussels

The European Credit Research Institute (ECRI) is an independent think tank that carries out research and contributes to the policy debate on financial services in Europe. It is managed by CEPS, a leading think tank covering a broad range of policies in EU affairs.

This report is based on the discussions and main findings in the CEPS-ECRI Task Force on The Future of Retail Financial Services, chaired by Kim Vindberg-Larsen, a FinTech entrepreneur. These findings are substantiated and elaborated via independent research carried out by the author Sylvain Bouyon, CEPS-ECRI Research Fellow, who acted as rapporteur for the Task Force.

The group met four times over a concentrated period from mid-September 2016 to January 2017. The policy recommendations put forward in this report reflect a general consensus reached by Task Force members, although not every member agrees with every aspect of each recommendation. A list of members, observers and invited guests of the Task Force can be found in Annex 1. The members were given the opportunity to comment on the draft final report, but its contents may only be attributed to the author and do not necessarily represent the views of the institutions to which the members belong.

Published by Rowman & Littlefield International, Ltd.
Unit A, Whitacre Mews, 26-34 Stannary Street, London SE11 4AB
www.rowmaninternational.com

Rowman & Littlefield International Ltd. is an affiliate of Rowman & Littlefield
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With additional offices in Boulder, New York, Toronto (Canada), and Plymouth (UK)
www.rowman.com

Copyright 2017 Centre for European Policy Studies and European Credit Research Institute

Centre for European Policy Studies
European Credit Research Institute
Place du Congrs 1, B-1000 Brussels
Tel: (32.2) 229.39.11
E-mail: info@ceps.eu
Websites: www.ceps.eu and www.ecri.eu/new

The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988.

All rights reserved . No part of this book may be reproduced in any form or by any electronic or mechanical means, including information storage and retrieval systems, without written permission from the publisher, except by a reviewer who may quote passages in a review.

British Library Cataloguing in Publication Data
A catalogue record for this book is available from the British Library

ISBN:978-1-78660-479-8 Hardback
978-1-78660-480-4 Paperback
978-1-78660-481-1 Ebook

The paper used in this publication meets the minimum requirements of American National Standard for Information SciencesPermanence of Paper for Printed Library Materials, ANSI/NISO Z39.48-1992.

Printed in the United States of America

Table of Contents

List of Figures

Figure 1.Volume of digital data stored

Figure 2.Social networking use (% of internet-using adults, 2005-15)

Figure 3.Distribution channels for different products: Consumer research (2015, % of total)

Figure 4.Distribution channels for different products: Purchase and post-sale phase (2015, % of total)

Figure 5.Distribution channels for personal loans, by country (2015, % of total)

Figure 6.Devices used for product research on personal loans (2015, % of total)

Figure 7.Devices used for product research on car insurance (2015, in % of total)

Figure 8.Opening a (current) account: What are the relevant requirements?

List of Tables

Table 1.Different types of FinTech start-ups involved in retail banking and non-life insurance

Table 2.Specific requirements for the online/offline information disclosure in European rules

Table 3.Type of eID mean, e-service, e-government and e-banking, by country

Table 4.Authentication mechanisms used in e-finance and e-payment services

List of Boxes

Box 1.Rapid growth in the volume of digital unstructured data created by consumers

Box 2.New models of credit scoring

Box 3.Original objectives of general directives on consumer protection

Box 4.Original objectives of financial services directives on consumer protection

G LOSSARY

AFM	Autoriteit Financile Markten (Dutch Authority for Financial Markets)
AISP	account information service provider
AML	anti-money laundering
AMLD	anti-money laundering Directive
APR	annual percentage rate
ASIC	Australian Securities and Investments Commission
ASPSP	account servicing payment service provider
ATM	automated teller machine
BaFin	Bundesanstalt fr Finanzdienstleistungsaufsicht (German Federal Financial Supervisory Authority)
CDD	customer due diligence
CI	car insurance
CRD	consumer rights Directive
DG FISMA	Directorate-General for Financial Stability, Financial Services and Capital Markets
DG	Directorate-General of the European Commission
DMRFS	distance marketing of retail financial services
DNB	Dutch National Bank
EBA	European Banking Authority
ECB	European Central Bank
EDPS	European Data Protection Supervisor
eID	electronic identification
eIDAS	electronic identification and trust services for electronic transactions in the internal market
ESAs	European supervisory authorities
ESMA	European Securities and Markets Authority
FCA	Financial Conduct Authority
FINMA	Swiss Financial Market Supervisory Authority
FinTech	financial technology
GAFA	Google Apple Facebook Amazon
GDPR	general data protection Regulation
IoT	Internet of Things
LIST	Luxembourg Institute of Science and Technology
MAS	Monetary Authority of Singapore
MCD	mortgage credit Directive
P2P	peer-to-peer
PISP	payment initiation service provider
PL	personal loan
PSD	payment services Directive
PSD2	payment services Directive 2
SMS	short message service
UCC	University College Cork
WP29	Working Party on Article 29 data protection

E XECUTIVE S UMMARY

W hile policy-makers are gradually creating the necessary conditions to strengthen the digital transformation of retail financial services, numerous policy issues and unanswered questions remain. The purpose of this report is to analyse the issues that were considered by the Task Force to be relevant for retail banking and non-life insurance at the present time and for the next few years to come. In order to develop a market in which retail financial services contribute to the economy in a balanced way, 12 main issues need to be further addressed. These issues are itemised below, followed by a more in-depth discussion of each issue, which is further elaborated in the main report.

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