Competition, technology, and data: synergy and new opportunities
INTERNATIONAL FINANCIAL CONGRESS 30 June 2021 Digitalisation contributes to fierce competition for market share and consumer engagement. Many markets are increasingly dominated by cross-industry ecosystems that accumulate network effects and large volumes of user data. Under these circumstances, it is becoming especially important to protect competition and ensure equal access to financial services. Besides, the financial market’s development and competition protection are influenced by the rules of data exchange. Before the advent of the digital era, financial data would rarely leave banks and processing companies, whereas Open APIs have enabled consumers to transfer their data to third-party service providers. However, Open API standards may not be enough for data suppliers and consumers to cooperate successfully: common rules and incentives for working in the Open API environment might be required as well. The stakeholders need to work in several areas: expand the infrastructure, develop the APIs, and establish rules and conditions for data exchange. The following issues are on the session’s agenda: · Promoting competition and developing infrastructure. · APIs: compulsory or voluntary use? · Experience in implementing PSD2. · Operators and platforms: the market’s vision vs the regulator’s vision. See more: https://ifcongress.ru/index/en
INTERNATIONAL FINANCIAL CONGRESS 30 June 2021 Digitalisation contributes to fierce competition for market share and consumer engagement. Many markets are increasingly dominated by cross-industry ecosystems that accumulate network effects and large volumes of user data. Under these circumstances, it is becoming especially important to protect competition and ensure equal access to financial services. Besides, the financial market’s development and competition protection are influenced by the rules of data exchange. Before the advent of the digital era, financial data would rarely leave banks and processing companies, whereas Open APIs have enabled consumers to transfer their data to third-party service providers. However, Open API standards may not be enough for data suppliers and consumers to cooperate successfully: common rules and incentives for working in the Open API environment might be required as well. The stakeholders need to work in several areas: expand the infrastructure, develop the APIs, and establish rules and conditions for data exchange. The following issues are on the session’s agenda: · Promoting competition and developing infrastructure. · APIs: compulsory or voluntary use? · Experience in implementing PSD2. · Operators and platforms: the market’s vision vs the regulator’s vision. See more: https://ifcongress.ru/index/en