From the Introduction: "The term 'Big Tech', which was coined in 2013 and connotes a specific technology-based business model of considerable scale, consists of Amazon, Apple, Google, Facebook (now Meta Platforms), and sometimes Microsoft (sometimes also called the 'Big Four' or the 'Big Five'; see the 'Who Are and What Is Big Tech?' section for a more thorough description of the term and companies). Big Techs are best known for platform-based businesses that range from e-commerce, social media, and search engines to smartphones and cloud services. Over the past decade, they have also steadily increased their financial services offerings--including providing value storage, credit, and stablecoin wallets--and are recognized as dominant providers in at least one sector: payments. Big Tech has charted various paths to deliver these services, with the same company sometimes employing different models depending on the offering. Big Techs intersect with financial services indirectly, too, in their role as cloud service providers. Combined, three of the Big Techs (Amazon, Microsoft, and Google) represent nearly 70% of the U.S. cloud market. Nearly all financial institutions use cloud services in some capacity, and the total workload performed in the cloud is expected to grow. [...] This report provides a broad overview of the business models that define Big Tech, including a review of the motivations and environment that surround Big Tech's operations in finance, with a focus on retail financial products. It evaluates the various financial services offered by Big Tech and its relevant partnerships. Finally, it discusses the policy issues raised by existing offerings and the implications of potential paths of development."
CRS Report for Congress, R47104
Congressional Research Service: https://crsreports.congress.gov/