The European financial sector is at a turning point. Digital innovation and evolving customer expectations demand new ways to manage and use financial data. The proposed Financial Data Access Regulation (FiDA) is set to become central to the EU’s digital finance agenda by empowering consumers, fostering competition, and driving innovation through open and secure data access.
Drawing insight from a study commissioned by the Euro Banking Association (EBA) and led by us, this report gathers perspectives from more than 50 senior executives across 15 EU markets. It captures the strategic implications of FiDA and highlights the industry's readiness to respond to the new regulatory environment.
Data as a strategic battleground in financial services
Data platforms have surged as a leading technology investment, with 23% of global financial institutions prioritizing them in 2024 — outpacing investments in artificial intelligence. FiDA builds on the foundations laid by PSD2, extending real-time data access mandates across an expanded range of financial products such as savings, mortgages, credit, investments, pensions, and insurance. It introduces a compensation model for data holders and tasks the industry with leading the creation of shared data access schemes that embody strong governance, security, and interoperability.
Industry perspectives split on FiDA’s impact
Survey responses reveal a divide: Half the respondents see FiDA as a major source of strategic and business opportunity, while the other half view it primarily as a regulatory burden fraught with potential risks like customer attrition and revenue loss. Notable value areas identified include operational efficiencies, enhanced risk evaluations, improved products, new business models like embedded finance and banking-as-a-service, and revenue generation through data schemes.
Conversely, the industry warns of significant challenges. A large majority (86%) highlight implementation costs as a key concern, while more than half raise issues with tight timelines, and more than a third fear fragmentation in scheme adoption across products and markets. Cost projections worry are particularly worrying, with many institutions, with many expecting expenses at least three times higher than PSD2 compliance, some exceeding €150 million.
Avoiding fragmentation and enabling collaboration through schemes
FiDA's unique industry-led scheme development model is designed to standardize data access and governance. However, governance uncertainties, compensation complexities, and the risk of fragmented national or sector-level implementations threaten to delay or diminish the regulation’s benefits. Over half of respondents anticipate varied implementations across the EU and remain divided on whether proactive measures are necessary now, with 50% advocating immediate scheme discussions.
Strategic ‘no-regret’ moves for financial institutions
There is no one-size-fits-all approach, but industry leaders emphasize the value of informed, strategic action. Recommended no-regret steps include aligning organizational strategy, actively engaging in collaborative scheme development discussions, joining initiatives such as the Berlin Group, SEPA SPAA, and Giro API, and investing in scalable, compliant data infrastructures. As Giorgio Andreoli, director general of the European Payments Council, notes, early and serious dialogue among stakeholders is critical to success.
FiDA represents a significant transformation in data access and management for European financial services institutions. Navigating its challenges and opportunities will be decisive for the sector’s future competitiveness and innovation.
The FiDA regulation presents both a challenge and an opportunity. Financial institutions must move decisively to understand its implications, invest strategically, and contribute to harmonized data schemes that ensure interoperability and long-term value. Taking early, collaborative, and informed steps will position institutions not just to comply but to lead in the open data economy of the future.