The general objective of this study is to complement and support the Commission roadmap following the Green Paper for the policy on retail financial services and insurance. It investigated the areas in which innovation and digitalisation could help build a more integrated and competitive market for retail financial services and insurance, for instance by removing some of the obstacles faced by providers and consumers. Digitalisation and technology will further transform retail financial services and insurance in the coming years. The study aimed at better understand how digitalisation and innovation will develop and change European retail financial services and insurance in the future within national markets but also (and in particular) across borders within the single market. It did, however, acknowledge that digitalisation and innovation have already had a significant effect upon European retail financial services and insurance, and therefore the current state of the market was also a topic for study. The study therefore included the two tasks below: the first one is propaedeutic to the second which is the Commission’s highest priority.
1. Gather and synthesise data and evidence on the current role of the internet and online operations in sales and post-sales handling of retail financial services and insurance in the Union, as well as the impact of digitalisation and innovation on the traditional way of offering and supporting these services.
2. Identify the areas where digitalisation and innovation could help developing the Single Market for retail financial services and insurance markets in the coming years.