News & Insights

Drawing on insights from over 50 senior executives across 15 EU markets through interviews, a broad market survey and a series of dedicated workshops, the report captures the strategic implications, potential responses, and practical concerns around the strategic and compliance readiness of the financial sector as it anticipates the arrival of FiDA.

Data is becoming the battleground for competitiveness

According to 2024 data from Celent, 23% of financial institutions globally now prioritise data platforms as their top area for major new technology investments, putting platforms ahead of artificial intelligence (22%). This shift signals growing recognition of data as a critical lever for building stronger customer relationships and driving future value.

FiDA reinforces this trend, mandating that financial institutions provide real-time access to customer financial data (with permission) across a broad range of products and customer segments. Building on PSD2, FiDA significantly expands the scope of data access to other financial products, spanning savings, mortgages and other credit agreements, investments, pensions and insurance, and introduces a compensation model for data holders making data on said products accessible. Importantly, it also calls on the industry to take the lead in building shared data access schemes – backed by binding rules and standards to ensure secure and efficient data access.

Opportunity or threat? Opinions are divided

Industry sentiment on FIDA remains split: 50% of survey respondents see it as a significant source of strategic and business opportunities, while the other 50% view it primarily as a regulatory obligation with potential risks, including customer attrition and revenue loss.

Nonetheless, there are significant potential upsides. Respondents identified key areas where FiDA could deliver value, including:

• Streamlining internal operations and driving efficiencies
• Enhancing risk evaluation capabilities
• Improving existing products and services
• Enabling new business models, such as embedded finance and Banking-as-a-Service (BaaS)
• Monetising data through structured schemes

However, three key challenges were highlighted by industry leaders regarding FIDA implementation:

1. 86% of survey respondents cited significant costs as a primary concern
2. 57% pointed to tight implementation timelines
3. 36% flagged potential scheme fragmentation as a major risk

Does FIDA balance investment versus value for financial institutions? 

Financial services executives are worried about financial impact - 60% of survey respondents estimated that FIDA compliance costs could be at least three times higher than those associated with PSD2, with 50% stating costs exceeded €25 million per institution and some reaching up to €150 million or more.

One of the report’s central takeaways highlights the need for proactive strategic thinking. Given its wide-ranging implications, FIDA raises critical strategic questions for financial institutions, yet over 80% of institutions remain in the early stages of budget planning. As Deutsche Bank’s Joris Hensen puts it: “A conscious strategic position will need to be taken… This calls for deliberate and active decision-making across the organisation.”

Building the right schemes to avoid fragmentation

FiDA’s unique approach proposes industry-led scheme development to define how data should be accessed, used and governed. These schemes are expected to lay the groundwork for standardisation, cross-sector interoperability and long-term value creation. 

However, the report also identifies risks: governance uncertainty, compensation structures and fragmentation across products or markets could delay implementation or undermine the regulation’s benefits. National and sector-level fragmentation remains a real concern, with over half of respondents expecting widely varying implementations across the EU. Survey respondents are also divided as to whether proactive action is needed to address this looming fragmentation. 50% of respondents indicate that scheme discussions should start now, while the other half is either undecided (35%) or favouring a wait and see approach (15%).

Looking ahead: ‘No-regret moves’ for financial institutions

While no single "right" strategy exists, industry leaders , in the report emphasise the importance of making informed decisions and pursuing strategic "no regret moves". Recommended next steps for financial institutions include:

• Ensuring organisational strategic alignment and awareness
• Participating in collaborative scheme development discussions
• Engaging with initiatives like the Berlin Group, SEPA SPAA, Giro API
• Investing in scalable, compliant data infrastructure

As Giorgio Andreoli, Director General of the European Payments Council, concludes: “Given the challenging process of negotiation between parties to form a scheme, the sooner the players start serious discussions, the better the outcome for all involved.”

To explore the full findings, download the FiDA Industry Voice Report exclusively available to EBA members.

[1] The FiDA regulation as published by the European Commission on 28 June 2023, was used as a basis for industry discussions and assessment.