Consumer access to capital in the age of FinTech and big data: The limits of EU law

2018 ◽  
Vol 25 (4) ◽  
pp. 476-499 ◽  
Author(s):  
Federico Ferretti
Keyword(s):  
European Union ◽  
Big Data ◽  
Technological Innovation ◽  
Financial Services ◽  
Legal Framework ◽  
Financial Inclusion ◽  
Eu Law ◽  
Consumer Access ◽  
Fit For Purpose ◽  
Credit Data

There is much hype about the potential for technological innovation (FinTech) and big data to transform and deliver financial services to consumers. The aim of this paper is to analyse, from the perspective of financial inclusion and consumer protection, the extent to which the current European Union legal framework is prepared to respond to the challenges posed by such innovation in the context of the prospective opportunities and detriment for consumers. Departing from an assessment of the already problematic and jeopardised uses of traditional credit data in the Member States, it concludes that the risks are likely to contrast or outweigh the benefits, but the legal framework does not seem fit for purpose despite the enactment of brand new legislation.

26. The Area of Freedom, Security and Justice: EU justice and home affairs law and policy

2017 ◽  
Author(s):  
Lorna Woods ◽  
Philippa Watson ◽  
Marios Costa
Keyword(s):  
European Union ◽  
Criminal Justice ◽  
Legal Framework ◽  
Eu Law ◽  
The European Union ◽  
Law And Policy ◽  
Legislative Measures ◽  
Third Country Nationals

This chapter examines the European Union (EU) home affairs law and policy, particularly in relation to freedom, security and justice (AFSJ). It discusses the provisions of EU law on immigration, distinguishing between legal and unauthorised entry, and the protection given to third country nationals by a range of legislative measures. It also introduces the legal framework for the EU's criminal justice policies.

Artificial Intelligence and SHGs

2020 ◽  
pp. 291-303
Author(s):  
Vinay Kandpal ◽  
Osamah Ibrahim Khalaf
Keyword(s):  
Artificial Intelligence ◽  
Sustainable Development ◽  
Big Data ◽  
Financial Services ◽  
Efficient Solution ◽  
Cost Effective ◽  
Financial Inclusion ◽  
Women Empowerment ◽  
Loan Repayment ◽  
Brick And Mortar

For inclusive growth and sustainable development of SHG and women empowerment, there is a need to provide an environment to access quality services from financial and non-financial agencies. While banks cannot reach all people through a ‘brick and mortar' model, new and advanced banking technology has enabled financial inclusion through branchless banking. By using artificial intelligence in banking, banks have a cost-effective and efficient solution to provide access to services to the financially excluded. Digital technology improves the accessibility and affordability of financial services for the previously unbanked or underbanked individuals and MSMEs. A big data-driven model can also be helpful for psychometric evaluations. Several psychometric tools help evaluate the applicant's answers which aid to capture information that can help to predict loan repayment behavior, comprising applicants' beliefs, performance, attitudes, and integrity.

The Current Legal Framework on the Right to Seek Health Care Abroad in the European Union

2007 ◽  
Vol 9 ◽  
pp. 261-286
Author(s):  
Tamara K Hervey
Keyword(s):  
Health Care ◽  
European Union ◽  
Legal Framework ◽  
Eu Law ◽  
Seek Health Care ◽  
Number Of Patients ◽  
The Uk ◽  
The Right ◽  
To Receive ◽  
The Eu

Cases involving patients such as Mrs Yvonne Watts, who travelled from the UK to France for a hip replacement to avoid a ‘waiting list’ in the UK, relying on rights in European Union (EU) law, attract high levels of media attention. While the vast majority of patients are either unwilling or unable to travel across borders to receive health care, it is clear that some patients are seeking health care abroad. Although data on patient mobility within the EU are significantly limited, nevertheless, a relatively steady, small but not insignificant number of patients are moving across borders within the EU to receive health care. This paper considers the current legal framework on the rights in EU law of those patients who seek health care in another Member State. As the right to seek private health care abroad is (largely) non-contentious, and has been a well-established feature of EU law since at least the mid 1980s, the focus of this paper is on publicly or quasi-publicly funded health care.

scholarly journals The Relationship Between the Charter and General Principles: Looking Back and Looking Forward

2020 ◽  
pp. 1-25
Author(s):  
Emily HANCOX
Keyword(s):  
European Union ◽  
Case Law ◽  
Legal Framework ◽  
Fundamental Rights ◽  
Eu Law ◽  
The European Union ◽  
Rights Protection ◽  
Transformative Potential ◽  
The Relationship ◽  
The Eu

Abstract Article 6 Treaty on European Union sets out two sources of fundamental rights in the EU—the Charter and the general principles of EU law—without specifying a hierarchy between them. Even though the Charter became binding over a decade ago, the Court of Justice of the European Union (‘CJEU’) is yet to clarify unequivocally how these two sources interact. In this article I argue based upon the relevant legal framework that the Charter ought to replace the general principles it enshrines. This leaves a role for general principles in the incorporation of new and additional rights into the EU legal framework. Such an approach is necessary to ensure that the Charter achieves its aims in enhancing the visibility of the rights protected by EU law, while also providing the impetus for more coherent rights protection within the EU. What an extensive survey of CJEU case law in the field of non-discrimination shows, however, is that the CJEU has struggled to let its general principles case law go, potentially hampering the transformative potential of the Charter.

The Nexus Between FinTech Adoption and Financial Inclusion

2020 ◽  
pp. 193-209
Author(s):  
Marouane Moufakkir ◽  
Qmichchou Mohammed
Keyword(s):  
Technological Innovation ◽  
Financial Services ◽  
Social Inclusion ◽  
Business Models ◽  
Financial Inclusion ◽  
Banking Services ◽  
The World ◽  
Pass Through ◽  
Number Of Customers ◽  
Digital Channels

Notwithstanding the increase of using and adopting FinTech all over the world by users who prefer managing their lives through digital channels, including financial and banking services, a large number of customers are still using the classic financial services, or even ignore the existence of such financial technologies. The aim of this chapter is to underline the concept of FinTech, a technological innovation in the financial field. Indeed, several theories and models has tried to explained the factors of adopting an innovation. Besides the theoretical framework of innovation, FinTech has to pass through different business models to attain the maturity as a successful pure player actor. Accordingly, the overall purpose of this paper is to provide an overview of the financial technologies use evolution, as a business model, and to highlight how FinTech contribute to enhance the financial and social inclusion, by providing convenient and accurate digital financial services (DFS) to the excluded population.

24. The Area of Freedom, Security and Justice: EU justice and home affairs law and policy

2020 ◽  
pp. 557-579
Author(s):  
Marios Costa ◽  
Steve Peers
Keyword(s):  
European Union ◽  
Criminal Law ◽  
Legal Framework ◽  
Eu Law ◽  
The European Union ◽  
Irregular Migrants ◽  
Law And Policy ◽  
Eu Policies ◽  
Immigration And Asylum ◽  
Legislative Measures

This chapter examines the European Union (EU) home affairs law and policy, known in EU law as ‘the area of freedom, security and justice (AFSJ)’. It discusses the provisions of EU law on immigration and asylum (refugees and subsidiary protection) regulating the entry and residence of non-EU citizens, distinguishing between legal and unauthorised entry (controls at the border and expulsion and detention of irregular migrants), and the protection given to third -country nationals by a range of legislative measures. It also introduces the legal framework for the EU’s criminal justice policies, including the link between substantive criminal law and other EU policies.

The Nexus Between FinTech Adoption and Financial Inclusion

2021 ◽  
pp. 175-191
Author(s):  
Marouane Moufakkir ◽  
Qmichchou Mohammed
Keyword(s):  
Technological Innovation ◽  
Financial Services ◽  
Social Inclusion ◽  
Business Models ◽  
Financial Inclusion ◽  
Banking Services ◽  
The World ◽  
Pass Through ◽  
Number Of Customers ◽  
Digital Channels

Notwithstanding the increase of using and adopting FinTech all over the world by users who prefer managing their lives through digital channels, including financial and banking services, a large number of customers are still using the classic financial services, or even ignore the existence of such financial technologies. The aim of this chapter is to underline the concept of FinTech, a technological innovation in the financial field. Indeed, several theories and models has tried to explained the factors of adopting an innovation. Besides the theoretical framework of innovation, FinTech has to pass through different business models to attain the maturity as a successful pure player actor. Accordingly, the overall purpose of this paper is to provide an overview of the financial technologies use evolution, as a business model, and to highlight how FinTech contribute to enhance the financial and social inclusion, by providing convenient and accurate digital financial services (DFS) to the excluded population.

Connecting Prepaid Cards and Retail Loans: Innovative Practical Solution or Confusing Legal Combination? Implications of the EU Financial Services Law from an Estonian Perspective

2009 ◽  
Vol 34 (2) ◽  
pp. 173-191
Author(s):  
Ingrid Ulst
Keyword(s):  
Financial Services ◽  
Legal Framework ◽  
Point Of View ◽  
Eu Law ◽  
Electronic Money ◽  
Practical Solution ◽  
Customer Base ◽  
The Status ◽  
Technical Solutions ◽  
The Eu

AbstractA prepaid card is a fairly new financial product that is part of the global innovations in financial services of the last 10 years. Some non-bank financing companies (e.g., SMS loan providers) have further advanced this product by linking prepaid cards to retail loans, which entails more developed transaction schemes and technical solutions. This combination is seen as a practical solution that broadens the customer base of loan providers and improves consumer convenience. However, from a legal point of view, practicality often entails complexity.This article seeks to address some of the major legal features and positions with regard to the prepaid card and its combination with a retail loan. In doing so, it will review the position of a prepaid card and the status of the issuer within the existing legal framework in Estonia. It also seeks to explain how the idea of linking prepaid cards with retail loans is being carried in practical terms through a complex network of agreements. We shall also discuss treating a prepaid card as an instrument of electronic money or some other form of payment, and examine the functions and licensing of an issuer. In anticipating potential discussion of the above topics from the perspective of a member state, this article compares the principles of EU law and the legal framework of Estonia. While we shall briefly deal with certain aspects of consumer protection, the focus of the article is on examining the relevant financial services legislation.

scholarly journals The regulation of collaborative economy in the european union

2019 ◽  
Vol 5 (1) ◽  
pp. 40-53
Author(s):  
Nuno Cunha Rodrigues
Keyword(s):  
European Union ◽  
European Commission ◽  
Case Law ◽  
Legal Framework ◽  
Sharing Economy ◽  
Eu Law ◽  
The European Union ◽  
Legal Regime ◽  
Court Of Justice ◽  
Specific Regulation

The paper distinguishes between sharing economy and collaborative economy, focusing on the legal framework of collaborative platforms (such as Uber or Airbnb) according to EU law. Case-law from the Court of Justice of the European Union (CJEU) and the position of the European Commission are analyzed in this regard. It is concluded that there is no harmonization, within the European Union, of the legal regime applicable to certain collaborative platforms. As such, specific regulation of collaborative platforms has followed different paths within the Member States.

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