As part of the EBA’s thematic work on financial innovation the EBA from time-to-time issues surveys to the industry to gather important inputs on market developments and regulatory and supervisory issues. A list of current ongoing and closed surveys can be found in this section of the EBA’s FinTech Knowledge Hub.
In line with the EBA’s work programme on financial innovation, the EBA is currently performing an analysis of the use of digital platforms in the banking and payments sector and invites financial institutions to share on a best efforts basis their views and experience on the use of digital platforms via the online survey.
The aim of the survey is to better understand market developments, and any opportunities and challenges arising, including in the context of the scaling up of platform cross-border. The inputs will inform any relevant future policy discussion.
The survey is available using the following link: https://ec.europa.eu/eusurvey/runner/EBA_digital_platforms_survey_2020
The consultation runs until Monday 7 December 2020.
For your convenience, the survey is provided in PDF form to given an overview of the structure and content of the survey - see the background documents section below. Please note that some questions can be answered using drop down options; some questions are conditional, i.e. respondents have to answer them depending on previous answers.
How to complete the digital platforms industry survey
The online survey is to be completed by financial institutions using or expecting to use within the next 5 years a digital platform to market to customers, or conclude with customers contracts for, financial products and services.
Please see the key definitions and instructions on how to complete the online survey below.
Specific definitions have been developed for the purposes of the survey and apply unless otherwise stated:
‘Digital platform’ / ‘platform’ means a digital platform that enables at least one financial institution directly (or indirectly using a regulated or unregulated intermediary) to market to customers, and/or conclude with customers contracts for financial products and services, with the exception of the following which are excluded from the scope of this survey:
‘Financial institution’ means a credit institution, payment institution, electronic money institution or firm carrying out the activity of credit provision (lending activity) pursuant to national law of an EEA State.
‘Credit institution’ has the meaning given in point (1) of Article 4(1) of Regulation (EU) No 575/2013.
‘Electronic money institution’ has the meaning given in Article 2(1) of Directive 2009/110/EC.
‘Payment institution’ has the meaning given in Article 4(4) of Directive (EU) 2015/2366.
The online survey is to be completed by financial institutions using, or expecting to use within the next 5 years, a digital platform to market their products and services to, or conclude contracts for products and services with, customers within the EEA.
The survey is divided into the following sections with all sections to be completed by each respondent, unless the respondent has indicated that they expect to use (but do not currently use) a digital platform within the next 5 years, in which case only Sections A and F need to be completed:
Where a respondent uses more than one digital platform, please complete Sections B to E for the platform which the respondent regards as most significant from a business/business development perspective.
A specific definition of ‘digital platform’ has been developed for the purposes of the survey (see ‘key definitions’ section above).
The definition of ‘digital platform’ is framed broadly with the objective of being ‘model-neutral’ and encompassing a wide spectrum of different platform types. For illustrative purposes these include digital platforms that can be colloquially described as:
The platform categories referred to above are for illustrative purposes are not used in the survey (which instead uses the term ‘digital platform’) as defined.
The approach to the definition of 'digital platform' is also entirely technology neutral, for instance the platform may be online or provided in the context of a mobile device and associated operating system.
Certain types of digital platform are excluded from the scope of the work – see the definition of ‘digital platform’.
In line with the EBA’s work programme on financial innovation, the EBA is currently performing an analysis in the area of RegTech and invites all relevant stakeholders to share their views and experience on the use of RegTech solutions via a RegTech industry survey, on a best effort basis. The aim of the survey is to better understand the ongoing activity in this area, raise awareness on RegTech within the regulatory and supervisory community, and inform any relevant future policy discussion. The EBA is also seeking ways to facilitate the adoption and scale up of RegTech solutions across the EU whilst acknowledging and looking to address the underlying risks.
In order to collect industry feedback, the EBA has prepared two separate questionnaires. One is to be completed online by the financial institutions, and the other one by ICT third party providers. The questionnaires are available at the following links:
The consultation runs until 30 September 2020.
For your convenience, questionnaires in PDF version that provide an overview of all the questions included in the survey are available in the background documents section below. Please note that some questions are conditional, i.e. respondents have to answer them only depending on previous answers.
How to complete the RegTech industry survey:
Please note that two separate online questionnaires are available - one is to be completed by the financial institutions, and the other one by ICT third party providers. Please see detailed instructions how to complete the online RegTech industry survey below.
For the purposes of this questionnaire, the following definition applies:
RegTech means any range of applications of technology-enabled innovation for regulatory, compliance and reporting requirements implemented by a regulated institution (with or without the assistance of ICT third party providers).
Responses should refer only to RegTech solutions (in line with the above definition) as other applications (for example applications for enhancing internal processes) should not be included in this survey.
The questionnaire to be completed by financial institutions is structured as follows:
Section C should be completed only by financial institutions who have RegTech solution(s) (in use/launched, pilot testing or under development) in the mentioned areas of focus. Please respond for each RegTech solution that you have and which falls within the said categories separately. In practice this means that you are invited to submit this section multiple times if you have more than one solution that you would like to report.
The questionnaire to be completed by ICT third party providers is structured as follows:
Section II should be completed only by ICT third party providers who offer RegTech solution(s) in the mentioned areas of focus. Please respond for each RegTech solution that you provide and which falls within the said categories separately. In practice this means that you are invited to submit this section multiple times if you provide more than one solution that you would like to report.
The respondents are advised that this questionnaire whilst complementing other ongoing projects in the field of supervisory reporting and the use of technology there, has a different purpose and does not overlap with them, in particular:
In particular, this RegTech industry survey aims at:
The results of RegTech industry survey will be used to report on the current RegTech landscape and, where relevant, will inform the broader work on supervisory reporting. To this end, the RegTech industry survey will not lead to any specific policy considerations or recommendation as regards the use of RegTech for the purposes of supervisory reporting, which is mean analysed in greater details in the two specific studies referred to above.