Krautscheid: EU’s action plan ignores the most important issues in the digital single market
The German private banks are highly critical of the European Commission’s “Consumer Financial Services Action Plan” unveiled in Brussels today.
“The 12 points set out in the plan are disappointing,” said Andreas Krautscheid, Member of the Senior Management Board of the Association of German Banks with responsibility for digital issues. “With this incoherent focus – ranging from the portability of pension rights to price caps on non-euro payments – the Commission has once again got bogged down in minutiae instead of finally taking a substantial step towards a pan-European ecosystem.” There was as yet no single European market for retail customers; progress finally needed to be made in this area, Krautscheid added.
Ture, the European Commission highlighted in its action plan that digital identification was an important point which it wished to promote and described a wholly digital relationship between the customer and bank as key to the single financial market. But the Commission should not then tie itself to only one technology whose market acceptance was to say the least open to question; instead, a technology-neutral approach should be pursued. “The Commission’s proposal will hold back the momentum of digitisation rather than using it as a driver of a Europe-wide financial market,” Andreas Krautscheid warned.
“It’s the major issues that consumers and businesses are urgently waiting for, like digital payments or a simple and dependable system of registering (onboarding) customers throughout Europe. Retail markets remain completely national; this is where the Commission needs to knock down walls and move the digital single market forward,” said Krautscheid. The association would now try with support from other European countries to get these issues onto the Commission’s agenda.
A study issued by the association this February entitled Digital Payments 2020 will serve as a guideline.
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