The European Association of Co-operative Banks (EACB) welcomes the opportunity to respond to the European Commission consultation on ‘FinTech: a more competitive and innovative European financial sector’.
Co-operative banks expect new technology to have serious impacts on their business model. At the same time however, they believe that technology can also help in delivering certain services in a more consumer friendly way or in organising processes more efficiently. Key from the perspective of co-operative banks when it comes to the legislative framework is, however, not to mistake the promotion of “FinTech” with the promotion of “Start-ups” but rather to look at what functions “FinTech” or “financial technology” aims to perform.
To read the EACB’s specific concerns, please download the PDF.
15 June 2017
The EACB response to the Commission Consultation on Fintech: a more competitive and innovative European financial sector
EACB