The European Commission's legislative proposal on open finance, published on 28 June 2023, could further boost competition because by using a wider set of customer data, operators will be able to develop new financial products and services. Moreover, while paying close attention to monitoring technological risks, intermediaries must continue to ensure adequate customer protection and effective anti-money laundering safeguards.
The increasing amount of information generated and made available as a result of digitalization is contributing to a growing uptake of artificial intelligence (AI) applications in the financial industry as well, with potential consequences that are still extremely difficult to grasp.