Potential regulatory implications go beyond the prudential regulation of banks. How BigTechs will be able to enter the market for traditional banking activities will crucially depend on their ability to utilize customer data across different services. Close cooperation is thus needed between prudential regulators, competition authorities as well as data and consumer protection agencies.
The use of new information technologies may increase the risks of cyber attacks, making necessary improved cybermapping, reporting, and – potentially – regulation. [6] Also, violation of privacy rules could be a concern if BigTech and FinTech firms provide banking services. Of course, appropriate privacy regulation are also required if traditional banks start providing services beyond traditional banking services.