Nearly 70 speakers and participants got together at the EESC in Brussels for the joint EESC ERFF high-level conference on ‘Consumers at the heart of finance in Europe’ on 26th September. There were forthright speeches and a wide diversity of views.
Most speakers welcomed the changes to regulations and new initiatives based on the Commission’s Action Plans on consumer financial services, FinTech and Sustainable Finance. But, from the consumer perspective there’s still a way to go. Trust in the financial sector is low. Many consumers don’t see or understand the benefits of the European single market. And while there’s a big uptake of online financial services, concerns about privacy and security are a major issue.
So, there were calls all around for better communication, more transparency and a real of understanding of what consumers are looking for in financial services for their daily lives. At ERFF, we’ll be working to continue creating opportunities for these vital conversations.