International Monetary Fund chief Christine Lagarde warned against increasing presence of giant tech companies who are using big data and Artificial Intelligence, which could lead to considerable disruption pf the global financial system, BBC reported.

Lagarde said such firms “will use their enormous customer bases and deep pockets to offer financial products based on big data and artificial intelligence”.

The innovation can help in modernization of financial markets, but will make financial system vulnerable by making it being controlled by a handful of tech giants.

“This presents a unique systemic challenge to financial stability and efficiency,” she added.