In line with its mandate to monitor financial innovation, the EBA has published a discussion paper identifying the risks and benefits for consumers and financial institutions of using consumer data in innovative ways. This Discussion Paper, which seeks views from interested parties by 4 August 2016, is a precursor to an EBA decision on the mitigation of risks arising from the innovation of consumer data. The potential benefits already identified in the paper include cost reductions for both consumers and financial institutions and improved product quality. Risks include data misuse for consumers and reputational risks for financial institutions.