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EBA, EIOPA and ESMA report analyzes impact of big data on consumers and financial firms
European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority report concludes that benefits of big data outweigh potential risks to financial services consumers. Benefits for the financial industry and consumers include: i) more tailored products and services; ii) improved fraud analytics; and iii) enhanced efficiency of organizational internal procedures. Risks include: i) potential for errors; and ii) increasing level of segmentation enabled by big data may potentially influence access and availability of certain financial services or products.
Publisher:
Regional Standard-Setting Bodies
Release date:
Mar 2018
Type:
Consultative, discussion and issues paper
Topics:
Financial inclusion, Financial market infrastructure, Consumer education and protection, Operational risk
Sectors:
Insurance
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