EPISODE 28Buy Transcript
Just over a decade after a financial crisis that shook the world, regulators have worked over time to move the financial system from the brink of chaos back to safe ground. But while the preoccupation has been with financial stability, in many countries, it has not been good news for competition.
Technological developments and data innovations have opened up more choice and new ways of banking for consumers. Nevertheless, many see Fintech as falling short of a serious challenge to the traditional incumbents.
In the meantime, governments too have been making concerted moves to empower consumers through open banking initiatives.
All this though may pale in comparison to the looming and some might say present threat that Big Tech poses to Big Banking. In this episode our guest is Dr Jorge Padilla, Head of Compass Lexecon Europe and a highly credentialled and respected antitrust economist.
Jorge shares his reflections on the state of the global banking industry today and why he regards it as ripe for disruption by the major digital platforms. We also explore what types of regulatory measures would be required to ensure a level playing field for competition between banks and their new rivals as well as to shore up financial stability.
I highly recommend Jorge’s paper on Big Tech Banking which you can read here.
Featuring regular cut-through interviews with leading thinkers, movers and shakers, Competition Lore is a podcast series that engages us all in a debate about the transformative potential and risks of digitalised competition.
Join Caron Beaton-Wells, Professor in Competition Law at the University of Melbourne, to tackle what it means to participate as a competitor, consumer or citizen in a digital economy and society.