Anna Argentati

Banks and new Competitive Scenario: FinTech, the Open Banking Paradigm and the Threat of Big Tech Companies

  • Abstract

Informations and abstract

Keywords: Competition; Banks; Open Banking; Digital Markets; FinTech; Big Tech Companies; Digital Innovation.

The article examines the radical changes that digital revolution is producing in the banks' competitive scenario and whether those changes together with certain choices made by European legislator can turn from a growth factor into a risk for the resilience of the system. The reference is to FinTech, to the paradigm of Open Banking and to the entry of big tech companies, destined to become the new, most formidable competitors for the banks. After having explored the ongoing changes from the antitrust perspective, the article examines the implications for the system deriving from the challenge of the big tech to the banking and financial sector and highlights the urgency to provide response in terms of antitrust enforcement, but above all on the ground of legislation. The aim is avoid that potentially harmful effects of the big tech growth take root in economic system undermining the possibility to remedy in the future.

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