Treasury Management Internation Logo

Now is the Time for Banks to Reinforce their Trust Role in the Digital Economy, says New Euro Banking Association Report


Paris – The EBA Open Banking Working Group (OBWG) released a new report today, entitled “Digital Trust and the Banking Sector: Towards a Trust Advantage in the Digital Economy”. The report explores how digital transformation and increasing openness impact both trust in the financial sector and the trust relationship with customers. Offering recommendations on what financial institutions can do to build and leverage their trust advantage now, the working group identifies points of action in the age of digital transformation.

In the pre-digital era, financial institutions drew from the trust in the financial system and its institutions to build their unique role in the financial well-being of their customers. Now, however, this trust alone is not enough. In the digital age, customers build trust in their financial institution based on five principle success factors: security, user experience, degree of customer control, use of data, and openness.

“Banks need to combine the principal success factors of the digital economy in a way that allows them to leverage their core assets and re-enforces customer trust,” said Vincent Brennan, Chair of the OBWG. “On the individual level, building that digital trust advantage comes down to implementing technology and processes that ensure advanced data security, customer control, and the user experience end-users want.”

The financial industry as a whole needs to complement individual institutions’ efforts by defining common technical standards for using customer data and by aligning on principles around the responsible and trustful treatment of customer data, the report finds. “Individual efforts in combination with collaborative efforts in the non-competitive space, will allow financial institutions to leverage their trust advantage and build services around trust itself, for example provisioning and managing digital identities. By doing so, banks could strengthen trust-creation in the digital economy, which would bring significant benefits to consumers,” Mr. Brennan added.

EBA members can download the full report entitled “Digital Trust and the Banking Sector: Towards a Trust Advantage in the Digital Economy” in the EBA Member Portal. Non-members have access to a summary. More information about the EBA Open Banking Working Group is available online.

Most recent episodes

The Future of ESG in Treasury

In this podcast, Melissa Moi, Peter Jameson and Venkat ES from Bank of America join TMI’s Eleanor Hill to determine where the ESG journey is heading next. Our expert panel consider how changing regulation, technology solutions and metrics including ESG KPIs...


HSBC’s Sibos Spotlight: Investing in the Future – from Diversity to Green Deposits

In the final instalment of HSBC’s Sibos Spotlight, Eleanor Hill (TMI) invites Nadine Lagarmitte and Suraj Kalati (HSBC) to consider how corporates’ attitudes to...


HSBC’s Sibos Spotlight: The ESG Landscape – what every treasurer needs to know

In the third edition of HSBC’s Sibos Spotlight Podcast series, TMI’s Eleanor Hill invites Farnam Bidgoli (HSBC) to provide an in-depth overview of the current ESG...


The Path to Transformational Global Cash Visibility

Davina Bradley (CEVA Logistics) and Conor Deegan (CashAnalytics) join TMI’s Eleanor Hill to explore how treasurers can transform their cash visibility and forecasting within their business in a matter of weeks using a...


HSBC’s Sibos Spotlight: Embedding ESG in Trade and Supply Chains

In the second podcast from HSBC’s Sibos Spotlight series, TMI’s Eleanor Hill speaks to Surath Sengupta (HSBC) about embedding ESG into trade and supply chains....


Lost in Transaction: Overcoming Payments Pitfalls

From simple errors to duplicates, fraud and sanctions violations, there are a number of areas where payments can go wrong – especially in the real-time environment. In this podcast, TMI speaks to Andrew Ferrao...


HSBC's Sibos Spotlight: Central Bank Digital Currencies

The first edition of HSBC’s Sibos Spotlight series sees TMI’s Eleanor Hill joined by Mark Williamson and James Pomeroy (HSBC) to discuss the hot topic of Central Bank Digital Currencies (CBDCs). Our guests discuss...


Payments Vision 2025: The Inside Track

Wim Grosemans, Steven Lenaerts (BNP Paribas) and Wim Raymaekers (SWIFT) join TMI’s Eleanor Hill to outline their vision for the payments landscape in 2025. Our guests consider how recent developments such as instant...


Stepping Out from the Shadows

“Treasurers needs to step out of the shadows and into the sunshine in terms of their strategic contribution.” claims Zitah McMillan, Co-Founder and CEO, Predictive Black. In this podcast, hosted by TMI’s Eleanor Hill, our guest declares that the...


Why the ‘One Size Fits All’ Approach is Outdated - A Cash Segmentation Treasury Masterclass

With the ongoing low interest-rate environment and increasing regulatory change, it’s more important than ever for treasurers...