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​​​​​Digitisation: taking the digital path, keeping a human touch​

​​​​​Digitisation: taking the digital path, keeping a human touch​
​​BRUSSELS, 15 April 2016 – Savings and retail banks are strongly committed to treating all digital data as strictly confidential, and stress the responsibility of policy makers, regulators and supervisors to create and apply a regulatory framework that fosters innovation but simultaneously ensures the security, data and consumer protections that is key to preserving trust in the financial sector.

Common EU rules have been established to ensure that personal data enjoys a high standard of protection everywhere in the EU as this is considered a fundamental right.

New data protection rules aim to ensure a data subject receives clear, understandable information when their personal data is processed. When consent is required, it will have to be given explicitly before a company will be able to process personal data. It will strengthen peoples' rights in a practical way, recognizing "right to be forgotten", data processors responsibility, and easier access by data subject to their related data.  

The digitisation challenge

Keeping pace with the accelerating speed of digitization is a challenge for all banks and regulators, but it offers an unparalleled opportunity to increase the customer proximity that has always been a characteristic of savings and retail banks. Digitization changes how customers and banks communicate with each other. Physical branches will become less essential to processing customer transactions. But their importance will increase as they become the centre of an intensified high-quality customer advisory service.

There is a worrying tendency, however, to adopt light-touch regulation for new digital competitors in financial services, whilst leaving incumbent savings and retail banks burdened by heavy regulation.

>> See overall ESBG position on data protection

>> New: Digitisation stance in 'ESBG Positions' document [.pdf]​​​​

>> Position on Digitisation and Innovation

>> WSBI World Congress: Main Street Banking in a Digitised World

Digitalisation; Data protection and data privacy; European Institutions; Regulation