28 … The Autorité has identified risks related The Autorité believes that while their arise in this sector. The sector-specific to certain competitive advantages market share in financial services is inquiry will focus in particular on wea- enjoyed by Big Tech. The major digital still limited at the present time, their rable devices such as smart watches or actors enjoy vast user communities power can very quickly change this fitness bands, and connected consumer built up through their original activities,situation. Their presence in the pay- devices used in home automation such as which enable them to expand rapidly into ments sector may be strengthened, refrigerators, washing machines, smart related markets. Furthermore, access in particular through the conclusion of TVs, speakers, smart lighting systems, to large volumes of data on the users of new partnerships with banking actors. or music and video streaming services their non-financial services, coupled with Although they do not have the experience and the voice assistants used to access their expertise in new technologies such of banks in the payments sector, Big Tech them. According to Margrethe Vestager, as artificial intelligence and algorithmic has mastered, or even controls, certain Executive Vice President for Competi- tools to process and analyse this data, innovative technologies that could, in the tion Policy, "The consumer Internet of gives them the ability to better assess future, play a decisive role in the service Things is expected to grow significantly the financial health of the users of their chain (Opinion 21-A-05 of 29 April 2021, in the coming years and become com- payment solutions and to tailor their offe-for more details, see p.58). monplace in the daily lives of European rings to the latter’s preferences or needs, consumers [...] access to large amounts including estimating their maximum wil- For its part, the European Commission of user data appears to be the key for suc- lingness to pay. Big Tech also benefits has decided to open an investigation cess in this sector, so we have to make from considerable financial strength, into anticompetitive practices in the sure that market players are not using which allows them to make substantial sector of consumer goods and services their control over such data to distort investments in various new technologies related to the Internet of Things in the competition, or otherwise close off these that facilitate the development of inno- European Union in order to better unders- markets for competitors". A final report vative payment solutions. Thanks to the tand the nature and possible effects of is expected in 2022 (EC Press Release, technical mastery of their ecosystems, competition-related issues that may 16 July 2020). structured for the most part around plat- forms, into which their payment solutions are integrated, the major digital actors are able to offer a highly fluid and high- end "customer experience" that is difficult for their competitors to replicate. Moreo- ver, they face lower marginal costs than, for example, traditional banking actors, which enhances their capacity to offer their payment solutions to users free ofcharge. Finally, the major digital actorsBIG TECH HAS MASTERED, also have a brand image and reputation OR EVEN CONTROLS, that is likely to ensure user loyalty. CERTAIN INNOVATIVE TECHNOLOGIES.