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The data sharing paradox: BigTechs in finance

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  • Oscar Borgogno
  • Giuseppe Colangelo

Abstract

The European wave of regulatory interventions aimed at promoting access to data and data sharing shows no signs of stopping. However, concerns are being expressed about alleged unintended consequences of data portability in financial markets. In particular, new calls have been voiced to contain the engagement of BigTech platforms with retail banking. The paper argues that asymmetrical regulatory measures imposed on BigTechs entry in the financial industry may tilt the market in favour of incumbent banks. Indeed, as FinTech start-ups seem more likely to work alongside incumbent banks rather than compete with them, limiting the entry of BigTechs may remove the only effective source of competitive pressure for traditional bank, thereby ultimately frustrating the pro-competitive potential of the access to account rule enshrined in the revised Payment Service Directive (PSD2).

Suggested Citation

  • Oscar Borgogno & Giuseppe Colangelo, 2020. "The data sharing paradox: BigTechs in finance," European Competition Journal, Taylor & Francis Journals, vol. 16(2-3), pages 492-511, September.
    • Handle: RePEc:taf:recjxx:v:16:y:2020:i:2-3:p:492-511
    DOI: 10.1080/17441056.2020.1812285
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    Citations

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    Cited by:

    1. Jo~ao B. G. de Brito & Rodrigo Heldt & Cleo S. Silveira & Matthias Bogaert & Guilherme B. Bucco & Fernando B. Luce & Jo~ao L. Becker & Filipe J. Zabala & Michel J. Anzanello, 2025. "Predicting and Explaining Customer Data Sharing in the Open Banking," Papers 2507.01987, arXiv.org.
    2. Sánchez, Marisa A., 2022. "A multi-level perspective on financial technology transitions," Technological Forecasting and Social Change, Elsevier, vol. 181(C).
    3. Ana Maria Barbosa Casolaro & Gabriela Nogueira Rauber & Ursula Silveira Monteiro Lima, 2025. "Open banking: a systematic literature review," Journal of Banking Regulation, Palgrave Macmillan, vol. 26(3), pages 340-355, September.
    4. Massimo Preziuso & Franziska Koefer & Michel Ehrenhard, 2023. "Open banking and inclusive finance in the European Union: perspectives from the Dutch stakeholder ecosystem," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-27, December.
    5. David Peón & Yanfei Sun, 2025. "The impact of PSD2 regulation on the financial performance of non-bank payment service providers: the case of Spain," Journal of Banking Regulation, Palgrave Macmillan, vol. 26(2), pages 214-231, June.
    6. Gorka Briones de Araluze & Natalia Cassinello Plaza, 2023. "The Relevance of Initial Trust and Social Influence in the Intention to Use Open Banking-Based Services: An Empirical Study," SAGE Open, , vol. 13(3), pages 21582440231, July.
    7. Chernyi, Alex & Uotila, Juha, 2024. "Prioritization of organizational stakeholders: A managerial decision-making perspective," Journal of Business Research, Elsevier, vol. 185(C).

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