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Digital technology platforms gather vast amounts of information and can “rapidly dominate a market” in a way that can threaten finance firms, a group of executives led by Paul Achleitner, Deutsche Bank AG’s supervisory board chairman, and Denis Duverne, the Axa SA chairman, said in a paper.
Among the complaints of the executives on the Brussels-based European Financial Services Round Table: new regulations forcing banks to share data about their customers with technology firms. Such rules put traditional banks at a disadvantage, because technology firms aren’t subject to the same requirements.
“There is no obligation for platforms or BigTech companies to also share customer data with banks in a similar fashion,” the group said. “Reciprocity with respect to access to data would be expedient to safeguard the level playing field with other digital platforms.”