Joint Committee Discussion Paper on the Use of Big Data by Financial Institutions

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<title>Joint Committee Discussion Paper on the Use of Big Data by Financial Institutions</title>
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<dateIssued>2016</dateIssued>
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<abstract displayLabel="Summary">One of the tasks of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA), collectively known as the three European Supervisory Authorities (ESAs), is to monitor any emerging risks for consumers and financial institutions as well as new and existing financial activities and to adopt measures, where needed, with a view to promoting consumer protection and the safety and soundness of markets and convergence in regulatory practices. This Discussion Paper starts by defining the scope of this consultation and by describing the Big Data phenomenon as observed by the ESAs. Internet and connected devices have become core elements of our lifestyle. Data is generated, collected, stored, processed and used at unprecedented rates and entire business sectors are being reshaped by building on data analytics. All kinds of activities/products could be impacted, such as profiling consumers, assessing creditworthiness, marketing campaigns, carrying out market segmentation decisions, developing products, pricing products/services, underwriting risk, preventing fraud, undertaking AML/customer identification, increasing internal efficiency within firms, etc.</abstract>
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