Academic literature on the topic 'Incumbent banks'
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Journal articles on the topic "Incumbent banks":
1
Iman, Nofie. "Traditional banks against fintech startups: a field investigation of a regional bank in Indonesia." Banks and Bank Systems 14, no. 3 (July 25, 2019): 20–33. http://dx.doi.org/10.21511/bbs.14(3).2019.03.
Abstract:
This research examines the way in which traditional banks are competing against the emerging fintech startups. This study identifies driving factors and uniqueness that illustrate the peculiar characteristics of incumbents, analyzes their internal readiness and capabilities, and examines their strategic response against fintech startups. In doing so, this paper examines Small Town Bank (STB)1, a regional bank in Indonesia, regarding its ability to innovate. Data are obtained from primary sources through internal and external questionnaires, as well as secondary data. The results of the study indicate that, in general, the bank already has a reasonably good innovation readiness, but there are several aspects that need to be noted, namely: optimization of current services, consolidation, and internal restructuration. Concurrently, while fintech has a very broad and massive technical and managerial impact, it does not mean that incumbent banks and traditional financial services cannot compete.
2
Dou, Yiwei, Stephen G. Ryan, and Youli Zou. "The Effect of Credit Competition on Banks’ Loan-Loss Provisions." Journal of Financial and Quantitative Analysis 53, no. 3 (April 4, 2018): 1195–226. http://dx.doi.org/10.1017/s0022109018000054.
Abstract:
Exploiting differential interstate-branching deregulation across contiguous counties of adjacent states, we investigate the effect of entry threat on incumbent banks’ loan-loss provisions. Incumbents exposed to entry threat have offsetting incentives; lower provisions make their loan-underwriting quality appear better, deterring entry, but make local economic conditions appear better, encouraging entry. We find that the incentive to increase apparent loan-underwriting quality dominates on average. We further find that this incentive is stronger in counties with a higher proportion of heterogeneous loans, while the other incentive dominates in counties with both low heterogeneous loans and highly volatile economic conditions.
3
Zhang, Xueli, and Defeng Yang. "When friends become enemies: co-opetition relationships between banks and third-party payment providers." International Journal of Bank Marketing 38, no. 5 (May 21, 2020): 1133–57. http://dx.doi.org/10.1108/ijbm-11-2019-0414.
Abstract:
PurposeThe purpose of this paper is to investigate the conditions under which working with an incumbent downstream competitor could be a beneficial strategy for upstream firms as the case of the relationship between banks and third-party payment providers.Design/methodology/approachUsing a game model, this study considers a market with two upstream firms (banks) and two downstream firms (third-party payment providers). One downstream firm is an incumbent that poses a competitive threat to the upstream market, and the other downstream firm does not.FindingsThe results show that the optimal decision for banks depends on the number of loyal users the incumbent third-party payment providers and banks have. When the bank has more loyal users than the competitive third-party provider to a certain level, it would terminate cooperation with the provider; otherwise, the bank would maintain cooperation. This is true whether the duopoly banks are symmetrical or asymmetrical.Originality/valueThis study makes contribution to the theory of co-opetition lies in the fact that it examines a special case of competition and cooperation between vertical enterprises in the bank context. This study investigates how the upstream firms do when threatened by a downstream firm while the upstream firms have other options. This study also contributes to bank marketing theory through providing explanations for some of the incomprehensible cooperation in China's payment market, which is characterized by consumer loyalty. This study extends previous new-entry competition for banks by differentiating between incumbent and new-entry downstream firms.Peer reviewThe peer review history for this article is available at: https://publons.com/publon/10.1108/IJBM-11-2019-0414
4
Krasonikolakis, Ioannis, Michalis Tsarbopoulos, and Teck-Yong Eng. "Are incumbent banks bygones in the face of digital transformation?" Journal of General Management 46, no. 1 (October 2020): 60–69. http://dx.doi.org/10.1177/0306307020937883.
Abstract:
Digital transformation has received considerable scholarly attention in areas of management, business, information systems, information technology and marketing. In particular, retail banks have been at the forefront of technological revolution characterized by rapid deployment and innovation of digital services, exponential pace of change and innovative breakthroughs that alter conventional banking practice. However, the term digital transformation is often misunderstood as a straightforward deployment of the latest information communication technologies. In practice, technological investments entail not only risk but also require an understanding of the relationship between technological, organizational culture and institutional change within certain boundaries of regulatory framework. Digital transformation is far from simple, certain or predictable and likely to be disruptive or transformative with immutable impacts upon associated organizational outcomes related to technical capabilities and behaviours. The present study attempts to explore and develop a framework for understanding digital transformation by examining the development, deployment and use of digital technologies in retail banking. Within a social informatics perspective, this study examines the effects of digital technologies on retail banks operations, structure and capabilities of those who deploy, implement and use it. Using a grounded theory approach, the study explores theoretical constructs by reviewing the literature and analysing primary field data including data from retail banks and interviews with senior professionals. The findings provide the pitfalls and successful approaches towards the digital transformation journey. This includes the ordinary dilemmas that the managers face to deliver the projects at hand.
5
Halling, Michael, Pegaret Pichler, and Alex Stomper. "The Politics of Related Lending." Journal of Financial and Quantitative Analysis 51, no. 1 (February 2016): 333–58. http://dx.doi.org/10.1017/s0022109016000132.
Abstract:
AbstractWe analyze the profitability of government-owned banks’ lending to their owners, using a unique data set of relatively homogeneous government-owned banks; the banks are all owned by similarly structured local governments in a single country. Making use of a natural experiment that altered the regulatory and competitive environment, we find evidence that such lending was used to transfer revenues from the banks to the governments. Some of the evidence is particularly pronounced in localities where the incumbent politicians face significant competition for reelection.
6
Ozcan, Pinar, Markos Zachariadis, and Dize Dinckol. "“Platformification” of Banking: Strategy and challenges of challenger versus incumbent banks in UK." Academy of Management Proceedings 2019, no. 1 (August 1, 2019): 17147. http://dx.doi.org/10.5465/ambpp.2019.17147abstract.
7
Sarta, Andrew. "Cognition and the Regulation of Attention by Incumbent Banks during the Emergence of FinTech." Academy of Management Proceedings 2019, no. 1 (August 1, 2019): 12009. http://dx.doi.org/10.5465/ambpp.2019.12009abstract.
8
Ashraf, Badar, Sidra Arshad, and Liang Yan. "Do Better Political Institutions Help in Reducing Political Pressure on State-Owned Banks? Evidence from Developing Countries." Journal of Risk and Financial Management 11, no. 3 (August 1, 2018): 43. http://dx.doi.org/10.3390/jrfm11030043.
Abstract:
This study examines whether state-owned banks face political pressure and whether the improvement in political institutions alleviates this pressure. The theory of political benefits argues that politicians use state-owned banks for political purposes such as obtaining and maintaining political support. We reviewed extant empirical research and found that the existing evidence is mixed; some studies support while others reject the theory. In this backdrop, we analyzed a sample of 185 state-owned banks from 51 developing countries over the period 1998–2012 and provide renewed evidence supporting the theory. Specifically, we found that state-owned banks face significant political pressure in developing countries; that is, they lend more and earn less in election years. Next, we observed that the political pressure is prevalent only in the countries with weak political institutions. Strong political institutions in the form of higher constraints on policy change decisions of incumbent government and higher democratic accountability are helpful in eliminating political pressure on state-owned banks in developing countries.
9
Boscia, Vittorio, Valeria Stefanelli, and Marco Trinchera. "Fintech & Risks. A Bibliometric Analysis." Risk Management Magazine 16, no. 2 (August 18, 2021): 68–74. http://dx.doi.org/10.47473/2020rmm0091.
Abstract:
Our study highlights a literature map on Fintech and the risks associated with this technological innovation in the financial sector. Considering all the studies published from 2014 to 2021 in "Scopus", we resort to econometric techniques to create our map. Our results show the recent attention of academics and researchers, mainly belonging to the technological and IT areas, towards Fintech. In particular, the studies focus on the issue of emerging technologies applied to investment and credit processes linked to the assessment of customer insolvency risk. For this reason, the existing analyzes adopt a mainly technical approach with very limited attention to strategic, organizational and managerial aspects typical of financial intermediation. Future studies could investigate the issue of Fintech behavior and relations with incumbent banks, as well as the risks that the applications of emerging digital technologies have on the sound and prudent management of these operators. In addition, further analysis can capture the risks of Fintech for clients, taking into account financial education. These are important aspects for the growth of Fintechs themselves, for the sustainability of the incumbent banks, with which they increasingly collaborate, and obviously for the banking supervisory authorities, attentive to the stability, efficiency and competitiveness of the financial sector as a whole.
10
Zhang, Weiying. "China’s SOE reform: A corporate governance perspective." Corporate Ownership and Control 3, no. 4 (2006): 132–50. http://dx.doi.org/10.22495/cocv3i4p14.
Abstract:
This paper argues that Chinese state enterprise reform has been relatively successful in solving the short-term managerial incentive problem through both its formal, explicit incentive mechanism and its informal, implicit incentive mechanism. However, it has failed to solve the long-term managerial incentive problem and the management selection problem. An incumbent manager may have incentives to make short-term (but hidden) profits, but at present there is no mechanism to ensure that only qualified people will be selected for management. The fundamental reason is that managers of SOEs are selected by bureaucrats rather than capitalists. Since bureaucrats have the authority to select managers but do not need bear the consequences of their selection, they have no proper incentives to find and appoint high ability people. Since good performance does not guarantee that the incumbent manager will stay long, the manager does not have long-term incentives. The paper also argues that these built-in problems of state ownership cannot be solved by state-dominated corporatization. Bankruptcy has not played a role in disciplining managers because the state-owned banks have neither the incentive nor the ability to enforce debt contracts. To ensure that only high ability people will be professional managers and that managers can be well disciplined, the authority of selecting management must be transferred from bureaucrats to capitalists. This calls for privatization of both state enterprises and state banks. China is well on its way to privatization of state enterprises, but privatization of state banks is yet to come
Dissertations / Theses on the topic "Incumbent banks":
1
Eckman, Lovisa, and Lundgren Philip. "How Do Fintech Firms Establish Themselves on The Financial Market? : A Qualitative Study of Swedish Fintech Firms." Thesis, Karlstads universitet, Handelshögskolan (from 2013), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-85486.
Abstract:
Over the last decade, the growth of new Fintech firms has increased significantly. However, when Fintech firms enter the financial market they are met by several obstacles, including the barriers erected by incumbent banks, difficulties obtaining financing and the challenge of gaining the trust of the market. This thesis aims to describe how Swedish Fintech firms work together with, or against, the incumbent banks, how they raise capital and what kind of challenges they experience when raising capital and how they work to gain the trust of potential investors, partners and customers. In this thesis it was found that Swedish Fintech firms do not close their doors to cooperation with the incumbent banks, as in exchange for helping the banks with their technology they can get access to banks' customer base and help with regards to costs. The Fintech firms did however think cooperation was less likely to happen if the incumbent banks did not open their mindset and make their processes more effective. Developing the banks’ technology is something the Fintech firms recognize that they can help with. When it comes to gaining the trust of the market, Fintech firms strive to deliver good customer experience, show earlier accomplishments and build legitimacy. The biggest challenge that Fintech firms encounter is the lack of having a known brand on the market and trying to build a name for themselves from scratch. It was found that most of the firms raise capital through private equity even if many of the interviewed firms raise capital as well through indebtedness. Challenges these firms encounter when it comes to raising capital is to mediate their true potential and vision to the investors and to find investors that can help the firm in more ways than just with monetary support. At the same time it was discovered that a few firms did not have any problem finding investors because of their already good network and experience.
2
Karagöz, Elin. "Managing Innovation of Payments : A Study of Regulatory Compliance Within Swedish Banking." Thesis, KTH, Skolan för industriell teknik och management (ITM), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-279621.
Abstract:
This study investigates challenges that emerge for Swedish incumbent banks when pursuing compliance with IT security regulations, while simultaneously striving towards innovation in order to maintain market competitiveness in terms of digital payment service offerings. As competition increases within the payment service industry, developing innovative services becomes increasingly important. At the same time, it is essential that these solutions maintain a high level of IT security, both in terms of the preservation of customer trust as well as in terms of compliance with financial regulations. Consequently, the aim of this study was to contribute to research from an incumbent banking perspective, where theory together with a qualitative case study has revolved around the topics of technology, compliance, and innovation in the pursuit of identifying key challenges. The study included a series of interviews with respondents within banking, IT security, and compliance management. This resulted in three principal challenges regarding compliance and innovation within payment services at incumbent banks, along with proposed actions to be taken. Firstly, the necessity of incrementally transitioning from legacy infrastructure towards modernized platforms was established. Secondly, banks are encouraged to make trade-offs between regulations and deploying new products and services. Finally, for banks to engage in communication and collaboration within the organization as well as with regulators can facilitate compliance as well as promoting harmonization of regulations.Denna studie undersöker de utmaningar som svenska storbanker står inför i en digitaliserad miljö där både IT-säkerhet och innovation behöver tillgodoses för att upprätthålla konkurrenskraft gällande betaltjänster. Då konkurrensen ökar inom betaltjänstsektorn blir utvecklingen av innovativa tjänster allt mer betydelsefull. Samtidigt är det viktigt att dessa lösningar håller en hög nivå av IT-säkerhet, dels för att bibehålla kundförtroende, men också för att banker lyder under finansiella regelverk. Följaktligen var syftet med denna studie att bidra till kunskap om utvecklingen av framtidens betaltjänster. Teori och empiri kretsade kring områdena teknik, regelverk och innovation, med en strävan att identifiera huvudutmaningar på området. I en kvalitativ fallstudie inkluderandes en serie intervjuer med experter inom banksektorn och ITsäkerhet. Resultaten visade att de viktigaste utmaningarna kopplat till regelefterlevnad och innovation inom betaltjänster för storbanker är nyttjandet av föråldrad teknik, behovet av en avvägning mellan att uppfylla regelverk och utveckling av nya produkter och tjänster, och slutligen kommunikation och samarbete inom både organisationen och med lagstiftare.
3
Calejo, Constança Maria Gago Diogo de Campos. "The Fintech revolution : is Portugal ready for banking disruption?" Master's thesis, 2018. http://hdl.handle.net/10400.14/25533.
Abstract:
The term Fintech refers to companies that leverage the combination between finance and
technology to reshape the financial services industry. Fintechs are disrupting the industry by
challenging incumbents, the traditional banks, with new ways to bank, and providing exciting
experiences for their customers. Technology advances, increasingly tech-savvy generations
and softened regulations are triggering opportunities for Fintechs to excel. Particularly,
challenger banks are setting new standards for the industry and enhancing banking
experiences. Overall, the industry is becoming more competitive and customer-oriented.
Moreover, new trends like Open Banking will foster the collaboration between incumbents
and Fintechs. In Portugal, this is no exception and Portuguese traditional banks need to be
prepared for this new digital paradigm. At the same time, challenger banks like Revolut are
also conquering their ground in the Portuguese market. This Dissertation includes a Case
Study about Revolut and the challenges it faces when addressing the Portuguese market, a
Literature Review of subjects related to Fintechs and disruption in financial markets, and a
Teaching Note offering possible paths for the analysis of the Case and its in-class use.A expressão Fintech refere-se a empresas que combinam finanças e tecnologia para transformar o setor de serviços financeiros. As Fintechs estão a causar disrupção no setor, desafiando os incumbentes, bancos tradicionais, com novas proposições bancárias e proporcionando experiências inovadores para os consumidores. Avanços tecnológicos, gerações cada vez mais tecnológicas e regulamentações mais brandas estão a criar oportunidades para as Fintechs se destacarem no mercado. Particularmente, os challenger banks estão a estabelecer novos padrões para a indústria dando mais importância a experiências bancárias. No geral, a indústria está a tornar-se mais competitiva e orientada para o consumidor. Além disso, novas tendências, como o Open Banking, estão a fomentar a colaboração entre incumbentes e Fintechs. Em Portugal, isto não é exceção e os bancos nacionais precisam de estar preparados para este novo paradigma digital. Ao mesmo tempo, os challenger banks, como o Revolut, também estão a conquistar terreno no mercado português. Esta Dissertação inclui um Estudo de Caso sobre o Revolut e os desafios que defronta ao enfrentar o mercado português, uma Revisão de Literatura sobre temas relacionados com Fintechs e disrupção nos mercados financeiros, e uma Nota de Ensino que analisa possíveis caminhos para a análise do Caso e o seu uso para uma aula.
Books on the topic "Incumbent banks":
1
Feijen, Erik. Do incumbents manipulate access to finance during banking crises? [Washington, D.C: World Bank, 2005.
2
Assembly, Canada Legislature Legislative. Bill: An act to authorize the incumbent and church wardens of the Protestant parish of Drummondville, in the county of Drummond, to dispose of certain real estate therein mentioned. Quebec: Thompson, Hunter, 2003.
3
Assembly, Canada Legislature Legislative. Bill: An act to authorize the incumbent and churchwardens of the Church of St. Paul, at London, to sell, lease or mortgage a portion of the block of land on which the said church stands. Quebec: Thompson, Hunter, 2003.
4
Callaghan, Helen. Germany. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198815020.003.0004.
Abstract:
The German case illustrates the initially self-reinforcing but ultimately self-undermining effects of market-restraining arrangements. In Germany, a legal framework conducive to bids emerged almost fifty years later than in the UK, partly because, from the nineteenth century onward, German law-makers pursued a bank-based solution to principal–agent problems. Like market-enabling rules, these market-restraining arrangements nurtured their own support base, prominently including the banks. As elsewhere, incumbents also benefited from a divided opposition, and from political arrangements that assured their dominance. In addition, they had symbiotic allies, namely, large universal banks, who benefited from these market restraints for reasons of their own. German universal banks did not grow more numerous with time, but they gradually accumulated politically relevant resources and used these repeatedly to avert or water down market-enabling reforms. Reforms eventually took place nevertheless because the opposition to market restraints also grew stronger—rather than weaker—with time.
5
Callaghan, Helen. Britain. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198815020.003.0003.
Abstract:
Chapters 3, 4, and 5 examine empirically why markets for corporate control expanded even though incumbents resisted exposure to competition. The British case, presented in Chapter 3, illustrates the doubly self-reinforcing feedback effects of market-enabling takeover rules. Even in Britain, rules conducive to takeover bids did not emerge until after World War II. The first regulatory blow to the entrenched position of corporate insiders was dealt not by shareholder-oriented market liberals, but by stakeholder-oriented parties to their left. Marketization was an unintended side-effect eagerly snatched up by incumbents’ symbionts, namely merchant banks, who abandoned their former allies to become profiteers. Marketization gathered speed not only because the pro-market clienteles grew, but also because opposition waned as competition intensified. I attribute this to feedback effects of marketization on the power resources, attitudes, and behavior of politically relevant groups, including institutional investors, bankers, managers, and trade unions.
Book chapters on the topic "Incumbent banks":
1
Dehnert, Maik. "Organizational Change Toward IT-Supported Personal Advisory in Incumbent Banks." In Lecture Notes in Business Information Processing, 205–19. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-61140-8_14.
2
Leick, Birgit, Grit Leßmann, Alexander Ströhl, and Tim Pargent. "Competitive strategies of incumbent small regional banks in rural locations." In The Rural Enterprise Economy, 72–87. London: Routledge, 2021. http://dx.doi.org/10.4324/9781003034001-7.
3
Staykova, Kalina S., and Jan Damsgaard. "Dual-Track’s Strategy for Incumbent’s Transformation: The Case of Danske Bank Adopting a Platform Business Model." In Management for Professionals, 119–37. Cham: Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-319-95273-4_7.
4
Upadhyaya, Radha. "Kenya." In The Political Economy of Bank Regulation in Developing Countries: Risk and Reputation, 218–38. Oxford University Press, 2020. http://dx.doi.org/10.1093/oso/9780198841999.003.0009.
Abstract:
In Kenya the impetus for Basel implementation has come from the regulator, the Central Bank of Kenya (CBK), which is highly independent, has strong links to international policy networks, and is very receptive to international policy ideas. Since 2003, the incumbent politicians have also been keen to adopt the latest international standards in order to attract investment into Kenya’s financial sector. Meanwhile, as the banking sector is relatively well capitalized, there has been little opposition from banks, with some international and large local banks being mildly in favour of Basel II and III adoption. In the Kenyan case the regulator has been the driving force for Basel adoption, supported by internationally oriented politicians and banks.
5
Rocchi, Jean Michel. "Competition Between Neobanks and Online Banks in the French Retail Banking Market and Reactions From Universal Banks." In Advances in Finance, Accounting, and Economics, 191–216. IGI Global, 2021. http://dx.doi.org/10.4018/978-1-7998-7110-1.ch009.
Abstract:
This chapter will provide an analysis of market moves, and innovation sources, from newcomers and incumbent players, based on core and periphery networks theory; and additional survival analysis and VSR model, based on organizational population ecology. The French market neobanks, which are a subpart of fintech, are dominantly set up by entrepreneurs. On the contrary, online banks usually have universal banks as shareholders. Does this difference matter regarding market strategies? Is innovation coming only from peripheral actors like online banks and moreover neobanks, or do large retail banks at the heart of the banking system try to integrate or promote it? The author will discuss these topics to conclude with mixed evidence. Hence, if neobanks, on one hand, tend to converge towards the core; universal banks, on the other hand, are growingly accepting peripheral actors.
6
Mertens, Daniel. "A German Model? KfW, Field Dynamics, and the Europeanization of “Promotional” Banking." In The Reinvention of Development Banking in the European Union, 117–43. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780198859703.003.0005.
Abstract:
This chapter examines the evolution of Germany’s Kreditanstalt für Wiederaufbau (KfW) within the EU. Presenting KfW as a key pillar of the German economic model that depends on export-led growth, the chapter traces the imprint that Europe’s largest NDB has left on the European field. Beginning in the 1990s, when the bank counseled and funded development banks in 14 transition countries in CEE countries, KfW became the first incumbent of the emerging field. Adapting itself to the incentives and constraints stemming from European integration during the 2000s, it continues to shape the field today with both the assertiveness of its financial firepower and business model, and the rationale of the reluctant but embedded hegemon that Germany is in the European Union.
7
Campino, José, Ana Brochado, and Álvaro Rosa. "Digital Business Transformation in the Banking Sector." In Dynamic Strategic Thinking for Improved Competitiveness and Performance, 52–88. IGI Global, 2020. http://dx.doi.org/10.4018/978-1-7998-4552-2.ch003.
Abstract:
Financial technology companies (fintechs) have gained tremendous importance in the last decade and particularly in the last four years. They have contributed with disruptive technological solutions and provided not only complementary but also substitute products to the traditional banking sector. New incumbents have been challenging banks already established and forced them to innovate in order to remain competitive. Indeed, banks have a heavy burden of slow processes, costly business models, and few innovative solutions. The authors collected 100 articles from Scopus related with the fintech and bank topics. This study adopted a hybrid design comprising a systematic qualitative review methods and narrative, supplemented by semantic network analysis. Based on the results of the systematic literature review, the authors explored the impacts that fintechs have had on traditional banking sector.
8
Campino, José, Ana Brochado, and Álvaro Rosa. "Digital Business Transformation in the Banking Sector." In Research Anthology on Concepts, Applications, and Challenges of FinTech, 186–215. IGI Global, 2021. http://dx.doi.org/10.4018/978-1-7998-8546-7.ch012.
Abstract:
Financial technology companies (fintechs) have gained tremendous importance in the last decade and particularly in the last four years. They have contributed with disruptive technological solutions and provided not only complementary but also substitute products to the traditional banking sector. New incumbents have been challenging banks already established and forced them to innovate in order to remain competitive. Indeed, banks have a heavy burden of slow processes, costly business models, and few innovative solutions. The authors collected 100 articles from Scopus related with the fintech and bank topics. This study adopted a hybrid design comprising a systematic qualitative review methods and narrative, supplemented by semantic network analysis. Based on the results of the systematic literature review, the authors explored the impacts that fintechs have had on traditional banking sector.
Conference papers on the topic "Incumbent banks":
1
Palmieri, Alessandro, and Blerina Nazeraj. "OPEN BANKING AND COMPETITION: AN INTRICATE RELATIONSHIP." In International Jean Monnet Module Conference of EU and Comparative Competition Law Issues "Competition Law (in Pandemic Times): Challenges and Reforms. Faculty of Law, Josip Juraj Strossmayer University of Osijek, 2021. http://dx.doi.org/10.25234/eclic/18822.
Abstract:
Open banking – promoted in the European Union by the access to account rule contained in the Directive (EU) 2015/2366 on payment services in the internal market (PSD2) – is supposed to enhance consumer’s welfare and to foster competition. However, many observers are fearful about the negative effects of the entry into the market of the so-called BigTech giants. Unless incumbent banks are able to rise above the technological challenges, the risk is that, in the long run, BigTech firms could dominate the market, by virtue of their great ability to collect data on consumer preferences, and to process them with sophisticated tools, such as Artificial Intelligence and Machine Learning techniques; not to mention the possible benefits arising from the cross-subsidisation. This paper aims at analysing the controversial relationship between open banking and competition. In this framework, many aspects must be clarified, such as the definition of the relevant markets; the identification of the dominant entities; the relationship with the essential facility doctrine. The specific competition problems encountered in the financial sector need to be inscribed in the context of the more general debate around access to data in the digital sphere. The evolving scenario poses a serious challenge to regulators, calling them to strike the right balance between fostering innovation and preserving financial stability. The appraisal intends not only to cover EU law and policy, but also to make a comparison with other legal systems. In this respect, something noteworthy is taking place in the United States where, as of today, consumers’ access to financial data sharing has been largely dependent on private-sector efforts. Indeed, Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (passed in the aftermath of the financial crisis of 2008) provides that, subject to rules prescribed by the Bureau of Consumer Financial Protection (CFPB), a consumer financial services provider must make available to a consumer information, in its control or possession, concerning the consumer financial product or service that the consumer obtained from the provider. This provision, which dates back to 2010, has never been implemented. However, on 22 October 2020, the CFBP has announced its intention to regulate open banking, issuing an advanced notice of proposed rulemaking. In light of their investigation, the authors advocate the adaptation of the current strategies to the modified conditions and, in some instances, the creation of novel mechanisms, more suitable to face unprecedented threats.