IIF Authors

Status: Will be live at 05/31/2024 15:30

DataTalk - Briefing Note 31 - BigTech, Platforms and Financial Services

The May edition of DataTalk delved into the pivotal role that data regulation plays across BigTech, Platformization, and the transformation of Financial Services as these sectors become increasingly interconnected. Data-driven approaches in finance have revolutionized product offerings and driven efficiency, with AI accelerating these trends as financial institutions leverage foundational models and new services from BigTech. Tech platform companies have built their business models on data and hyper-scale. The regulatory response to these business models and the concentration of market power is reshaping the landscape for the complex and multi-dimensional tech-finance relationship. Regulations for open banking, data privacy practices, competition dynamics, and consumer protection measures are all impacting the landscape for financial service innovation. This briefing note summarizes the discussion held on May 22, 2024, respecting that the forum is conducted under the Chatham House Rule and does not represent the official position of the IIF or its membership.

We look forward to continuing the DataTalk series on Wednesday, August 14, 8:00 am Washington DC / 8:00 pm Singapore when we will explore Open Finance, Open Data and Digital ID. If you wish to receive an invitation, or if you have any questions, please reach out to Lokesh Bulchandani ([email protected]).