The rise of tech companies in finance requires a response from banks, insurers and regulators.
Large tech companies are increasingly interested in financial markets and banks and insurers must prepare for this. This trend also means that the supervision of those markets has to change, says De Nederlandsche Bank (DNB). He is therefore watching the developments with great attention.
For the time being, large tech companies such as Apple (News - Alert) and Google are still mainly mixing payment services on the market in the Netherlands. There are also collaborations between tech companies and banks in the field of the cloud. In other countries, tech companies play a much more prominent role. In China, for example, almost all banking matters can be arranged through tech companies such as Alibaba and Tencent. In the United States, Apple offers its own credit card and Google (News - Alert) is going to put payment accounts on the market.
Financial experts outlines four scenarios that differ greatly from each other. This ranges from banks that do little and are pushed out of the market by tech companies to highly innovative banks that can fully compete with the tech companies. Banks still have the latter advantage over large tech companies. Particularly because of the protection of their data, many people are suspicious of tech companies. At the same time, big data experts notice that the same consumers also give away a lot of personal data to companies such as Facebook (News - Alert) and Google.
The emergence of 'big tech' also indicates the need for a different form of supervision, especially at European level. "These are large, international companies. For example, the European Union is already working on a law that would allow so-called 'critical ICT suppliers' to be subject to supervision. For example, for cloud services, where Amazon, Microsoft (News - Alert) and Google largely control the market, this can be useful. "That is very innovative, because until now supervision was done via the bank.
To stay ahead of the tech companies, banks, insurers and collection agencies (Dutch: incassobureau) must ensure that they are innovative enough themselves. Dutch financial institutions are therefore well ahead in Europe, based on the ‘no pay no cure’ principle. Yet it is difficult to compete with tech companies to attract the right staff. "That is also one reason that banks like to work with cloud providers. Then they can have access to very specialized staff."
The rise of tech companies in finance requires a response from banks, insurers and regulators.
Large tech companies are increasingly interested in financial markets and banks and insurers must prepare for this. This trend also means that the supervision of those markets has to change, says De Nederlandsche Bank (DNB). He is therefore watching the developments with great attention.
For the time being, large tech companies such as Apple and Google are still mainly mixing payment services on the market in the Netherlands. There are also collaborations between tech companies and banks in the field of the cloud. In other countries, tech companies play a much more prominent role. In China, for example, almost all banking matters can be arranged through tech companies such as Alibaba and Tencent. In the United States, Apple offers its own credit card and Google is going to put payment accounts on the market.
If your client doesn’t answer your phone calls or your emails bounce, you can assume something is up and hire a collection agency (Dutch: incassobureau). Make sure you hire a good one: take a look at their Google Reviews and their payment plan. Do they ask for a flat fee? Or do they ask for a percentage of the money they obtain, based on the ‘no pay no cure’ principle where you don’t pay anything if they’re unsuccessful in recovering your money? Make sure you know the specifics before signing a contract!
We hope you always have good experiences with clients and if you don’t, you get your money back quickly!
