In its latest consensus paper, ERFF welcomes the emphasis on digitalisation, consumer-focus and breaking down national borders in the European Commission’s Green Paper on retail financial services and in the Commission’s subsequent Action Plan (due early 2017). We believe the digitalisation of services will bring benefits to consumers, as well as to established players and new entrants (fintech). For customers, these will include greater choice, convenience, and access to a wide range of services.

However, there are still many hurdles to overcome. For instance, for customers “new to the bank” their digital journey with a service provider begins with “digital on-boarding” – i.e. identifying themselves and signing up to an account. In our view, customers and service providers should be able to use technologies such as eIDs, biometrics and video legitimation of identity at this step, so long as these ensure security in line with eIDAS legislation. But to make this is possible throughout the EU requires greater harmonisation and implementation of legislation across all Member States. More broadly, such harmonisation is also necessary for the creation of a single market in retail financial services.

For more, read / download full erff-digital-on-boarding-consensus-paper-december-2016.