Digital financial identities: public consultation

The European Commission recently launched a public consultation on a new digital finance strategy for Europe / FinTech action plan.

This consultation includes a section on facilitating the use of digital financial identities throughout the EU with the following questions:

-What should be done at EU level to facilitate interoperable cross-border solutions for digital on-boarding?

-What should be done at EU level to facilitate reliance by financial institutions on digital identities gathered by third parties (including by other financial institutions) and data re-use/portability?

-Should one consider going beyond customer identification and develop Digital Financial Identities to facilitate switching and easier access for customers to specific financial services? Should such Digital Financial Identities be usable and recognised throughout the EU? Which data, where appropriate and in accordance with data protection rules, should be part of such a Digital Financial Identity, in addition to the data already required in the context of the anti-money laundering measures (e.g. data for suitability test for investment services; data for creditworthiness assessment; other data)?

Eurosmart is planning to answer such consultation. A draft answer will be submitted to the CDI Committee in the coming weeks.