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Title page

Contents

Authors and Contributors 6

Acronyms 7

Executive Summary 8

1. Introduction 10

2. Economic Frictions and Forces in Financial Services 12

2.1. The Impact of Digital Innovation on Key Economic Frictions 13

2.1.1. Technology advances in connectivity, data processing, and storage 14

2.1.2. Data, networks, and new business models 16

2.1.3. Impact on transaction costs, information asymmetries, and market gaps 18

2.2. Consequences for Financial Services Firms 21

3. Implications for the Industrial Organization of the Financial Sector 25

3.1. Implications for Market Entry 25

3.2. Shifting Economies of Scale and Scope 26

3.3. Impact on Financial Services Providers 27

3.3.1. Incumbents 28

3.3.2. Fintech firms 29

3.3.3. Big tech firms 30

3.3.4. Individuals as financial services providers 31

3.4. Impact on Sector Composition, Competition, Concentration 33

4. Policy Implications and New Trade-offs 38

4.1. Implications for the Regulatory Perimeter and Supervisory Practices 38

4.2. Implications for Competition Policy 40

4.3. New Dimensions to Financial Regulation Policy Trade-offs 43

4.3.1. Efficiency and competition vs. financial stability and integrity 43

4.3.2. Efficiency and competition vs. privacy and consumer protection 46

4.3.3. Privacy and consumer protection vs. financial stability and integrity 48

5. Conclusions 50

Bibliography 52

Figures

Figure 1. Mobile and mobile wallet growth worldwide 14

Figure 2. Costs of storage have declined as global data volumes have surged 15

Figure 3. Enterprises using cloud storage in Europe rose sharply over 2014-18 16

Figure 4. Investment in CloudTech and DevOps companies 17

Figure 5. Specialist providers challenging the services of large banks 23

Figure 6. Average spread of active bonds to benchmark government bonds at issuance 27

Figure 7. Fintech product offerings have expanded over time 30

Figure 8. Corner solutions of scale vs. atomization 36

Figure 9. Potential barbell financial services market (illustrative) 37

Figure 10. Market share of leading firms in the cloud infrastructure-as-a-service (IaaS) market, across all industries (Q4 2019) 40

Figure 11. Interplay of ex ante sectoral regulations and ex post interventions by competition authority 41

Figure 12. Policy trade-offs from digital transformation in finance 44

Figure 13. Winners and losers of machine-learning credit scoring and the fintech gender gap 49

Boxes

Box 1. Data and collateral 20

Box 2. The data-network-activity feedback loop may explain the rapid growth of big tech credit 32

Box 3. Competition in digital payments: the case of Kenya 42

Box Figures

Figure B1. Elasticity of big-tech credit to asset prices 20

Figure B2. Global big tech credit is booming, overtaking fintech credit 32

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