In practical terms, it means banks need to pass on their data for free to non-banks, provided that customers agree. The board’s report said that reducing entry barriers for big tech might ultimately hurt competition in financial services. As an example, the board highlights China, where just two big tech firms account for more than 90 percent of the mobile payments market. “Big data lives off selling information about you and me, so that other companies can target us more specifically,” Berg said. “The potential real game changer is big data, depending on what they choose to do.”That is because “they know more about us than anyone else,” he said.
