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Podcast: Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence
Episode: Season 4, Episode 7: The threat of Big Tech
Description: In the seventh episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Lindsey Rogerson and Michael Cowan to take a look at the challenges and indeed threat posed by Big Tech to mainstream financial services. The perceived benefits of allowing tech firms to operate with a banking licence are seen to be ‘compelling but require scrutiny’. Unburdened by legacy infrastructure, tech firms often offer superior technology and user-friendly apps that may allow them to reach more consumers and perform various aspects of the banking business (onboarding, deposit-taking, lending, payments) more efficiently than incumbents.