The course will start with a focus on digital transformation and platform integration within the financial services sector. In-depth lectures will explore the emerging data-driven business models of FinTechs, BigTechs, and traditional financial intermediaries, assessing their alignment with existing regulatory structures and addressing issues related to customer protection.
The second segment of the course will focus on the regulatory landscape and the evolving industry demands in the realm of Open Finance. While PSD2 has set the stage for Open Banking by outlining payment data sharing guidelines, the Commission has recently proposed a new framework for Financial Data Access which sets out clear rights and obligations to manage customer data sharing beyond payment accounts. Moreover, there is still a need for implementing a unified API standard and data-sharing protocols to fully unlock
the potential of embedded finance. The course will navigate the technical complexities of Open Finance implementation across all financial sectors, addressing aspects such as data standardization, cross-border integrability, digital identity, and the role of non-financial data, considering the recent regulatory initiatives proposed at EU level.
Data-driven business models
Economics of Data Sharing: Incentives and Market Failures
Customer protection and digitalisation
The design of future Open Finance: Open Insurance, Open Banking and beyond – a cross sectoral overview
The key technical challenges:
API and data standardisation and Cross border interoperability
The use of non-financial data
Data and regulations
The role of digital identity in Open Finance and the potential of the new EU digital identity
Essential Adequate experience in financial regulation and supervision
Recommended Prior exposure to API technology and/or data sharing policy