EFA Policy Vision

You can find the PDF version of the Policy Vision here

The European Union has the potential to lead the revolution towards tech-driven, fully digital financial services, providing consumers and businesses with new and innovative ways to manage their finances safely and securely. Home to several fintech companies that are active across borders, Europe is well equipped to challenge global competition.

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In the wake of the December 2023 political agreement on Artificial Intelligence regulations, financial industry representatives stress the need to safeguard ongoing credit scoring operations from potential disruptions caused by pending technical details around the agreed definition of “artificial intelligence systems”. Credit scoring is a vital element of the financial sector, providing a way to evaluate an individual’s creditworthiness based on their financial history and behaviour. This evaluation assists lenders in making well-informed decisions about extending credit or loans.