BETTER FINANCE Response to the joint ESAs survey on Innovations

Through their joint pilot survey, the European Banking Authority (EBA), European Securities and Markets Authority and European Insurance and Occupational Pensions Authority (the ESAs) aimed to assess and monitor market developments and trends in innovative financial services in the three sectors. Through their joint pilot exercise, the ESAs gathered information about the latest innovation trends, risks and opportunities to consumers in the following five cross-sectorial innovation areas:

• BigTechs / Mixed-activity groups (MAGs*) directly providing financial services through one or more group companies
• Artificial Intelligence / Machine Learning
• Open finance (including open insurance)
• Crypto assets / tokenisation
• Any other innovative product, service, activity, business model, internal process or procedure and/or underlying technology

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