Technology industry leaders Amazon, Apple, Google, Intuit and PayPal have formed a coalition to lobby for policy initiatives that will further the development of innovation in the financial services industry.
The collective, dubbed Financial Innovation Now, says it wants to engage with policymakers in Washington to promote the opportunities presented by technology transformation to improve consumer and business outcomes when managing their financial affairs.
"Innovation is coming to financial services, and now is the time for Washington to help enable a modern financial system that is more accessible, affordable, and secure," says Brian Peters, executive director of Financial Innovation Now. "This alliance of remarkably innovative companies brings a new voice to Washington's financial conversations, and we look forward to engaging on a wide range of opportunities. Whether it is protecting consumers, growing small businesses, or promoting financial literacy and savings, Financial Innovation Now wants policymakers to understand how new technologies can help solve today's policy challenges."
The formation of the group comes as banks have become increasingly vocal about the weight of the regulatory burden and the need to create a more level playing field by tightening the rules applied to new entrants to the industry from the technology sector.
Peters says that new technologies have a pivotal role to play in helping businesses and consumers to make better financial decisions, increasing convenience, transparency and ease of use and strengthening security to the benefit of all. Policy promotion will centre around emerging industry bugbears such as financial inclusion, real-time payments processing, alternative financing marketplaces and improved security.
"The regulatory environment must allow these new innovations to enter and compete in the marketplace," says Peters. "We look forward to working with policymakers to promote the adoption of new services, many of which are already bringing significant benefits to consumers and small businesses today."