The entry of Big Tech into finance creates new vulnerabilities and amplifies existing risks in the banking system that may need new rules to mitigate, global banking regulators said in a report on Thursday.

The growth of cloud computing, whereby key banking services are aided by outside tech companies, the rise of artificial intelligence, use of distributed ledger technology and spread of open banking (where external fintechs share customer data with banks) create new risks, the Basel Committee of banking regulators said.

“These can include greater strategic and reputational risks, a larger scope of factors that could test banks’ operational risk and resilience, and potential system-wide risks due to increased interconnections,” it said.

External operators used by banks create “new nodes of channels and interconnections” as they may not be subject to the same level of regulatory standards as lenders, the committee said in its report.

Regulators often compile reports to ascertain facts and scope out a sector to provide a foundation for any new rules.

“Where necessary, it will consider whether additional standards or guidance are needed to mitigate risks and vulnerabilities,” the committee said.