Responsible utilisation of data in the financial sector

Advancements in digitalisation, artificial intelligence and the use of data provide financial sector companies with opportunities to improve the efficiency of their operation, develop new services and reshape their business models. At the same time, new risks arise. The second Payment Services Directive (PSD2) obliged payment account operators to build interfaces and provide them to third-party service providers. PSD2 regulation can be seen as leading the way towards Open Finance, where financial sector data is utilised more extensively through various interfaces. Inquiries concerning various data-based business models have also increased significantly in the FIN-FSA's Innovation HelpDesk.

The responsible and ethical utilisation of data has taken a more central stage in discussions. The General Data Protection Regulation, which entered into force in May 2018 set the framework for automatic decision-making, for example. The ethical guidelines prepared by the high-level expert group of the European Commission have been piloted this year1. The responsible use of data is also being promoted on the basis of the principles of the European data economy2.

The European Insurance and Occupational Pensions Authority (EIOPA) appointed an expert group to develop principles for the responsible promotion of digitalisation in insurance activities3. Three Finns are participating in this work.

The FIN-FSA participates in working groups of the European Supervisory Authorities (ESA) addressing the responsible use of artificial intelligence, machine learning and the responsible utilisation of data in the financial sector and the resulting risks.

1 Https://
2 Https:// (in Finnish)

3 Https://

Digitalisation, artificial intelligence and data use are transforming financial services. What does this mean for the customer?

The annual seminar focused on the impacts of the use of digitalisation, artificial intelligence and data on financial services, particularly from the customer’s point of view.

The presentations and speakers of the day were:

  • Opening remarks
    Anneli Tuominen, FIN-FSA
  • Digitalisation, big data and artificial intelligence are transforming financial services – European aspect
    Jon Isaksen, European Commission
  • Digitalisation as a competitive advantage and the consideration of different user groups in the provision of services
    Timo Ritakallio, OP Financial Group
  • Responsible utilisation of artificial intelligence and data
    Janne Viskari, Population Register Centre (as of 1 January 2020 Digital and Population Data Service Agency)


  • Availability and usability of services
    Samu Kurri, moderator, FIN-FSA; Virpi Dufva, Valli ry (Union for Senior Services); Leena Vainionmäki, Danske Bank; Katri Väänänen, Consumer Ombudsman; Piia-Noora Kauppi, Finance Finland
  • Opportunities of data use and challenges for companies and consumers
    Hanna Heiskanen, moderator, FIN-FSA; Teemu Relander, IF; Heljä-Tuulia Pihamaa, SOK; Ilkka Lähteenmäki, Aalto University

Webcast recording and presentation material: