The Joint Committee of the European Supervisory Authorities have published a discussion paper about the potential benefits and risks of Big Data for consumers and financial firms to determine whether any further regulatory or supervisory actions are needed.
The discussion paper notes that the use of Big Data is likely to transform the way products and services are provided with benefits to consumers and financial institutions. At the same time, the use of Big Data could potentially also have an impact on consumers’ access to products/services, raise issues around the processing of data and financial institutions’ pricing practices or decision-making. Potential entry barriers in accessing Big Data technologies could also have negative implications on innovation and competition in the financial markets at the detriment of consumers’ welfare.
The deadline for comments on the discussion paper is 17 March 2017.
View ESAs consult on Big Data, 19 December 2016