Banking Unbundled: Competition in the Age of Digitalisation

Digitalisation is transforming retail banking. FinTech and BigTech firms are redefining payments, lending, and deposits – unbundling traditional models and opening new pathways for innovation and competition. Yet, many of these new entrants depend on partnerships with established banks, blurring the line between competition and co-operation, and potentially entrenching existing market power. At the same time, BigTech’s data advantages and ecosystem reach raise concerns about leveraging dominance from digital markets into financial services. On 4 March, the OECD Competition Open Day held a panel of international experts to explore the topic. The session examined how technology is reshaping competition in banking – where innovation meets regulation – and how policy can ensure markets remain open, contestable and resilient.

The session, available on replay below, was moderated by Beatriz Marques (OECD Competition Expert) and had as invited speakers: Benoît Cœuré (President, Autorité de la concurrence), Rune Garborg (Chief Executive Officer, Vipps MobilePay), Nirupama Kulkarni (Professor, Centre for Advanced Financial Research and Learning, promoted by the Reserve Bank of India) and Sheldon Mills (Executive Director, UK Financial Conduct Authority).