EBA Publishes Annual Consumer Trends Report for 2017

The report also provides an overview of the topical issues identified in 2017 that may impact consumers and other market participants and these topical issues are indebtedness, banking fees and costs, selling practices, innovation in payments, foreign currency loans, alternative financial services providers, and innovative uses of consumer data. The report summarizes, where relevant, the measures EBA has taken to address some of the identified issues, including technical standards and guidelines related to the security of payment transactions, the transparency and disclosure of information on payment accounts, and the mis-selling of financial products. This report builds on information provided by the national competent authorities of the 28 EU member states as well as on input received from a selection of national consumer associations and the EBA Banking Stakeholder Group. Due to budget constraints, the external sources of information that EBA had used in previous years could not be drawn upon for the 2017 Report. 

In its continued monitoring effort on the retail banking products, EBA has observed that mortgages continue to have the biggest impact on consumers, though consumer credit has seen a rapid increase in demand. Nevertheless, consumers tend to complain to their national competent authorities mainly about payment accounts and payment services. Due to the low interest rate environment, EBA has observed a gradual increase in the level of indebtedness across the EU as well the introduction of new or the increase in already existing fees and charges on payment accounts and loans. Security of innovative payment instruments and solutions was also highlighted as an important issue for consumers. However, issues such as selling practices and foreign currency loans, while still relevant for consumers, showed a slight decrease in importance.

Related Link: Consumer Trends Report 2017 (PDF)

Keywords: EBA, Europe, Consumer Trends, Report, Banking