The fact that the financial services sector has been and continues to be transformed by technology is incontestable.
Technology’s impact has been pronounced: it has permitted untold numbers of firms, broadly referred to as “fintechs,” to offer services that had previously been the domain only of traditional banks; it has attracted “big tech” platforms to play a growing role in providing financial services; and it has compelled traditional banks, often in reaction to what is perceived as competitive threats from fintechs and big tech, to reconsider their delivery of financial services. Not surprisingly, these developments have generated a growing body of commentary asking whether and how antitrust enforcement and regulation should apply to financial services. We have also seen efforts by antitrust enforcers and regulators globally to address conduct involving financial services in this increasingly complex environment.