ON-TOPIC: REGULATIONS - BANKING INDUSTRY - ONLINE SERVICES - DATA - PRIVACY

Banking and big data

Big data is changing the competitive landscape of the banking industry. Banks are using new technologies (blockchain, artificial intelligence) and exploit large databases to offer new services to their clients. New players (FinTechs, Big Techs) are also able to offer banking services online (electronic payments, loans, financial advice….). What will be the impact of big data on the banking industry? Is there a need to update competition laws and banking regulations? The first article offers a synthesis of the various issues related to big data in banking and introduces the papers of the authors who contributed to this special issue.

Introduction Marianne Verdier Professor of Economics, CRED (TEPP), Chaire Finance Digitale, Université Paris II Panthéon-Assas 1. Over the recent years, the deployment of information technologies has caused a deep transformation of the banking industry. The intensive use of large volumes of data and cloud computing has modified the storage of and access to banking data. New technologies such as artificial intelligence or the blockchain have also the potential to add value to banking services and revolutionize the use of data. They enable innovative ways of structuring and sharing information between participants to the financial system. Ultimately, they may reduce the cost of accessing financial information and generate efficiency gains for the banking sector. 2. Big data and

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Authors

  • Financial Conduct Authority (London)
  • Skadden, Arps, Slate, Meagher & Flom (Brussels)
  • British Competition Authority - CMA (London)
  • Skadden, Arps, Slate, Meagher & Flom (New York)
  • Financial Conduct Authority (London)
  • Compass Lexecon (Brussels)
  • British Competition Authority - CMA (London)
  • Compass Lexecon (London)
  • Skadden, Arps, Slate, Meagher & Flom (Brussels)
  • University Paris II Panthéon‑Assas

Quotation

Fabio Falconi, Caroline Janssens, Adam Land, Stuart D. Levi, Sheldon Mills, Jorge Padilla, Bill Roberts, Stefano Trento, Ingrid Vandenborre, Marianne Verdier, Banking and big data, November 2019, Concurrences Review N° 4-2019, Art. N° 92003, pp. 22-47

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