The European Banking Authority (EBA) has published a report on the platformisation of the EU banking and payments sectors. The EBA identifies a rapid growth in the use of digital platforms to ‘bridge’ customers and financial institutions, a trend expected to accelerate in line with the wider trend toward the digitisation of the EU financial sector. Platformisation presents a range of potential opportunities for both EU customers and financial institutions. However, new forms of financial, operational, and reputational interdependencies are emerging and the EBA identifies steps to strengthen supervisory capacity to monitor market developments.
Amongst the most noteworthy findings of the report are the following:
The use of digital platforms in the EU’s banking and payments sector is growing rapidly and offers opportunities for EU consumers and firms;
Platformisation is resulting in new dependencies between financial and non-financial firms but supervisors are facing challenges in monitoring developments;
The EBA sets out measures to strengthen supervisory capacity to monitor developments in the EU banking and payments sector to ensure risks can be identified in a timely and coordinated manner.
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