{"id":36626,"date":"2018-12-05T00:00:00","date_gmt":"2018-12-04T23:00:00","guid":{"rendered":"https:\/\/aebanca.es\/actualidad\/te-interesa\/aeb-informa\/competition-consumer-protection-and-financial-stability\/"},"modified":"2026-04-09T09:55:05","modified_gmt":"2026-04-09T07:55:05","slug":"competition-consumer-protection-and-financial-stability","status":"publish","type":"blog-aeb","link":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/aeb-informa\/competition-consumer-protection-and-financial-stability\/","title":{"rendered":"Competition, Consumer Protection and Financial Stability"},"content":{"rendered":"

The Spanish Institute of Banking and Finance is a project promoted by the AEB Foundation in collaboration with CUNEF, whose objective is to foster research and the exchange of knowledge and ideas about the present and future of the financial sector. The Institute thus aims to be a think tank from which to disseminate knowledge of interest to businesses and society, always with the rigor of academic research. <\/p>\n

https:\/\/www.aebanca.es\/actividades-educacion-financiera\/<\/a><\/p>\n

Part of the Institute’s activities focuses on organizing discussion forums (Banking Lab) with the ultimate objective of advancing greater knowledge of the financial sector, specifically banking activity and its implications for the customer.<\/p>\n

The panel organized yesterday by the Institute was titled “Big Tech Banking,” focused on the digitalization of financial activity demanded by customers and the implications for banks and consumers of the competition generated by new non-financial competitors and, in particular, by large technology platforms.<\/p>\n

CUNEF professor Santiago Carb\u00f3 introduced the debate by reviewing the challenges that Big Tech poses for conventional banking and how competition and market structure have changed from competing for customer acquisition to now competing for data acquisition. He analyzed the different ways in which traditional banking can transform, and in fact is doing so, to address this new competition. <\/p>\n

For IESE professor Xavier Vives: “the banking business is threatened by digital disruption and new competitors; there are advantages and disadvantages of traditional banks, Fintech and Big Tech, which develop their own strategies and can be conditioned by the regulatory framework; two questions remain open: what will the banking sector look like in ten years and what will be the impact on financial stability.”<\/p>\n

The heads of Compass Lexecon Europe, Jorge Padilla and Miguel de la Mano, authors of the central article around which the debate revolves, also warned of the medium- and long-term risks to financial stability, competition and customer welfare of Big Tech platforms entering the banking business. Against the potential very short-term benefits derived from the competition generated by these companies, they emphasized that in the longer term their entry may represent a radical transformation of banking activity where everyone loses if appropriate measures are not adopted in terms of supervision and regulation. They thus warned of the pending challenges for authorities who in recent years have directed regulatory changes to advance customer protection and financial stability. <\/p>\n

https:\/\/aebanca.es\/wp-content\/uploads\/2018\/12\/de-la-mano-padilla-2018-big-tech-banking-15.0.pdf<\/a><\/p>\n

For Gloria Herv\u00e1s, Director of Public Policy at Santander, “we have a great opportunity to design a new regulatory framework that allows innovation to reach everyone and ensure that banks can offer the best of the digital revolution to their customers.”<\/p>\n

The last speaker, \u00c1lvaro Mart\u00edn, Head of Digital Regulation at BBVA Research, also warned of the medium- and long-term risks posed by Big Tech’s entry into the provision of financial services. In his presentation, he advocated complementing competition policy with ex ante regulatory measures that promote the opening of data from large companies, not only with the aim of reducing asymmetries in the regulatory framework, but also to increase awareness and the exercise of data protection rights of Europeans. <\/p>\n

The activity of banks has three purposes: to provide financing, to manage household savings and to provide financial services. Our institutions are subject to strict regulation and demanding supervision, in an environment of increasing digitalization of society and with zero interest rates. Digitalization facilitates competition in the provision of financial services, something that regulation also promotes. Beyond the necessary level playing field, customer protection requires that regulation and supervision focus on the activity rather than on who performs it. But in the longer term, the risks focus on quality, on the number of financial services, on financial stability and on customer protection, given the natural monopolistic character of large technology companies. <\/p>\n","protected":false},"excerpt":{"rendered":"

With Big Tech’s entry into the provision of financial services, long-term risks focus on quality, on the number of financial services, on financial stability and on customer protection, given the natural monopolistic character of large technology companies.<\/p>\n","protected":false},"featured_media":36287,"parent":0,"template":"","etiquetas":[],"categorias-blog":[777],"class_list":["post-36626","blog-aeb","type-blog-aeb","status-publish","has-post-thumbnail","hentry","categorias-blog-spokesperson"],"yoast_head":"\nBlog AEB - Asociaci\u00f3n Espa\u00f1ola de Banca<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/aeb-informa\/competition-consumer-protection-and-financial-stability\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blog AEB - 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