Fintech and the digital transformation of financial services: implications for market structure and public policy

Erik Feyen, Jon Frost, Leonardo Gambacorta, Harish Natarajan and Matthew Saal in this BIS paper:

The digital transformation of financial services gives rise to a set of important policy issues regarding competition, regulatory perimeters and ensuring a level playing field. Potential outcomes regarding competition, concentration and market composition include a “barbell” outcome composed of a few large providers and many niche players. Authorities must coordinate across financial regulation, competition, and industry regulatory bodies to manage trade-offs between stability and integrity, competition and efficiency, and consumer protection and privacy.

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