Financial Supervisory Authority seminar: Digitalisation, artificial intelligence and data use are transforming financial services. What does this mean for the customer?
Digitalisation, artificial intelligence and ever increasing data use are improving the cost-efficiency of the financial sector and facilitating the provision of better services to customers. These services can benefit both customers and service providers in many ways. However, the transformation involves risks which the relevant actors must identify and manage.
The Financial Supervisory Authority’s seminar on 26 November 2019 addresses these themes under the title “Digitalisation, artificial intelligence and data use are transforming financial services. What does this mean for the customer?”
“Use of artificial intelligence and data enable services to be tailored in a completely new way. Legislation and supervision must ensure, however, that the opportunities presented by technology are not misused,” says Anneli Tuominen, Director General of the Financial Supervisory Authority (FIN-FSA).
Responsible for services always rests with the authorised entity
At its best, digitalisation enables services to be provided more cost-efficiently and reliably. Financial sector actors, however, must always be able to identify and critically assess the risks presented by digitalisation. Examples of these include cyber risks and long subcontracting chains related to outsourcing.
“Financial sector actors must remember that for artificial intelligence driven automated decisions and outsourcings responsibility always remains with the authorised entity, ultimately its board of directors,” observes Tuominen.
Exploiting digitalisation and new technologies requires from actors both investments and ICT specialists. Digitalisation, moreover, may be viewed differently by different actors: some will be able to reap the benefits of digitalisation by investing in technology and attracting technology experts, while others will have difficulty in keeping up with change.
Easy and reliable financial services belong to everyone
According to a country report published by the European Commission this year, the digital skills of Finns are the best in Europe: 76% of Finns have at least basic digital skills (EU average: 57%). Finland, together with the Netherlands, also leads the way in the use of electronic banking services: of Finnish internet users, 94% used electronic banking services in 2018 (EU average: 64%).*
We have, however, user groups who find it challenging to keep up with this transformation. “It is important that services also are accessible to everyone in our digitalising society,” says Tuominen.
The FIN-FSA wishes to support the development of digitalisation in the financial sector. The opportunities enabled by digitalisation are also of great interest to new players. The three top issues encountered by the FIN-FSA’s Innovation HelpDesk are payment services, platform-based business models and the provision of virtual currencies.
See also:
Seminar web page (in Finnish)
Anneli Tuominen’s speech (in Finnish)
*European Commission Country Report 2019: Digital Economy and Society Index (DESI)
Keywords
Contacts
Anneli Tuominen, Director General
Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030, weekdays 9.00–16.00.
About Finanssivalvonta
Finanssivalvonta, or the Financial Supervisory Authority (FIN-FSA), is the authority for supervision of Finland’s financial and insurance sectors. The entities supervised by the authority include banks, insurance and pension companies as well as other companies operating in the insurance sector, investment firms, fund management companies and the Helsinki Stock Exchange. We foster financial stability and confidence in the financial markets and enhance protection for customers, investors and the insured.
Subscribe to releases from Finanssivalvonta
Subscribe to all the latest releases from Finanssivalvonta by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Finanssivalvonta
///KORJATTU TIEDOTE/// Finanssisektorin vakavaraisuus 30.9.2019: Suomen finanssisektorin vakavaraisuus pysynyt hyvällä tasolla4.12.2019 15:58:18 EET | Tiedote
4.12.2019 klo 10.30 lähetetystä tiedotteesta puuttui linkki vakavaraisuusraportteihin. Linkit löytyvät nyt tiedotteesta ja verkkopalvelusta https://www.finanssivalvonta.fi/
Kapitaltäckning och solvens i den finansiella sektorn 30.9.2019: Fortsatt god kapitaltäckning och solvens i den finansiella sektorn i Finland4.12.2019 10:30:00 EET | Tiedote
Siffrorna för slutet av september 2019, som i dag publicerades av Finansinspektionen, visar att den finansiella sektorn i Finland är fortsatt stabil och kapitaltäckningen respektive solvensen har stärkts något. Kapitaltäckningen i den finländska banksektorn låg fortfarande över genomsnittet för bankerna i EU-området. Både livförsäkringsbolagens och arbetspensionsanstalternas solvens låg kvar på en god nivå. Endast skadeförsäkringssektorns solvens försvagades något, men ligger trots det fortfarande på en god nivå.
Financial sector’s capital position as at 30 September 2019: Finnish financial sector’s capital position remains good4.12.2019 10:30:00 EET | Press release
According to end-September 2019 information released today by the Financial Supervisory Authority (FIN-FSA), Finland’s financial sector remains stable and the capital position has strengthened slightly. The Finnish banking sector’s capital position remained stronger than the EU average. The solvency position of both life insurance companies and pension institutions remained solid. Solvency weakened slightly only in the case of the non-life insurance sector, but remains solid.
Finanssisektorin vakavaraisuus 30.9.2019: Suomen finanssisektorin vakavaraisuus pysynyt hyvällä tasolla4.12.2019 10:30:00 EET | Tiedote
Finanssivalvonnan tänään julkaisemien syyskuun 2019 lopun tietojen mukaan Suomen finanssisektori on edelleen vakaa, ja sen vakavaraisuus on hieman vahvistunut. Suomen pankkisektorin vakavaraisuus pysyi edelleen EU-alueen pankkien keskimääräistä tasoa vahvempana. Sekä henkivakuutusyhtiöiden että työeläkelaitosten vakavaraisuudet pysyivät hyvällä tasolla. Ainoastaan vahinkovakuutussektorin vakavaraisuus heikentyi hieman mutta on edelleen hyvällä tasolla.
Finanssivalvonnan selvitys: peruspankkipalveluiden turvaaminen edellyttää digitaalisten palveluiden helppokäyttöisyyttä ja vaihtoehtoisia asiointitapoja2.12.2019 12:07:25 EET | Tiedote
Finanssivalvonnan tekemän selvityksen mukaan suomalaisissa pankeissa asiakkaiden oikeus peruspankkipalveluihin toteutuu kokonaisuutena tarkastellen asianmukaisesti. Kuitenkin peruspankkipalveluiden turvaaminen kaikille asiakasryhmille edellyttää, että pankit sekä parantavat digitaalisten palveluiden saavutettavuutta että ylläpitävät digitaaliselle asioinnille vaihtoehtoisia peruspankkipalveluita. Finanssivalvonta seuraa näiden toimenpiteiden toteutumista sekä palveluiden hinnoittelussa tapahtuvia muutoksia.
Financial Supervisory Authority survey: safeguarding basic banking services requires easy-to-use digital services and alternative service options2.12.2019 12:07:25 EET | Press release
A survey by the Financial Supervisory Authority (FIN-FSA) shows that, overall, the right of customers to basic banking services is implemented appropriately in Finnish banks. Safeguarding basic banking services for all customer groups requires, however, that banks both improve the availability of digital services and maintain the provision of basic banking services as an alternative to digital services. The FIN-FSA monitors the implementation of these measures as well as changes in the pricing of services.
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom