The adoption of the envisaged Digital Single Market on 6 May 2015 highlighted the important role that banks and financial institutions will play in the EU Commission’s strategy going forward. Together the banks and financial institutions will be expected to deliver over 16 initiatives by the end of 2016, including providing a framework for future digital banking activities. Privacy and security continue to remain key priorities in the area of digital banking, particularly in relation to online payments, mobile banking, security systems, data analytics and protection.
In light of the planned changes for the digital banking services in Europe, any reform in relation to data protection will need to be monitored due to its potential impact on mobile banking. On 15 June 2015, the Council of the EU approved its version of the Regulation which aims to give EU citizens control over of their personal data and to simplify the regulatory environment for businesses in the EU. Equally, the new EU Data protection rules provide the basis for a review of Directive 2002/58/EC which concerns the processing of personal data and the protection of privacy in the electronic communications sector.
The EU Commission aims to further promote the unrestricted movement of big data in Europe. This initiative will focus on the restrictions on data location and also hopes to encourage innovation through access to public data. In addition, the EU Commission will launch a European Cloud initiative which will include cloud services certification, switching of cloud service providers and a research cloud.