Lack of data adds an additional layer of complexity: many new entrants and suppliers of financial services are hardly covered by oﬃcial statistics on the financial sector. This moves resilience against shocks and against mismeasurement of vulnerabilities to center stage. It is interesting to note that many BigTechs firms are quite well capitalized compared to banks.
Interestingly enough I remembered something from my graduation speech almost forty years ago and it was this “education makes us what we are”. That theme stuck with me not only because it sounded profound, but because my personal experience proved it to be true.