At the same time, regulators need to be mindful of the potential financial stability implications, in particular if incumbents fail to rise to the challenge, and fintech firms thus start to crowd banks out of a large range of financial services.
Granting access to big data therefore also has the potential to shift economic structures.28 It even has the potential to change the course of policy. So far, policy has largely relied on data produced by governments, often in the form of abstract concepts, such as GDP.