BigTechs and Fintechs in Financial Services

Posted on October 07, 2019

The landscape of the financial services industry is constantly changing. Over the past few years the rise of FinTechs has resulted in the spread of digital technologies, such as mobile payments, cryptocurrencies and crowdfunding.

More recently BigTechs have shown a growing interest in providing financial services, bringing both benefits and potential dangers to consumers and the banking system. But what are the benefits and dangers of BigTechs and FinTechs? And what steps do we need to take to protect consumers and the industry as a whole?

This was discussed during TFI’s recent event, “BigTech & Fintech” held on the island of Rhodes on September 19. Various experts from academia, business and the banking industry shared their insights and experiences.

BigTechs have the opportunity to merge data, which could form a danger to consumers. As a result, clear regulations need to be put in place to protect consumers from the risks. However, it is important that the regulations do not destroy but nourish the FinTech ecosystem to keep innovation in financial services moving. Technology has much to offer to help people managing their finances and the positive contributions of FinTechs should not be overseen or avoided.

Want to know more? Click here to read what Andreas Fuster (Swiss Natinal Bank), Amit Seru (Stanford University), Leonardo Gambacorta (BIS), Devie Mohan (Burnmark), Tommaso Valletti (Imperial College London) and Mark Cliffe (ING) had to say during this inspiring event.