Web titans are a bigger threat to banks than new FinTech

 In digital disruption

Would you bank with Google, Facebook or Amazon if they offered these services?

We already “trust” them with much of our data.

I’ve often wondered what would happen if these companies branched away from their research into areas such as AI and applied for a banking licence.

A recent report from the World Economic Forum agrees with my views. It suggests that while banks currently rely on many of the services already offered by these firms (eg cloud and collaboration), if the web giants decide to branch into banking and compete directly, they may be exposed and unable to compete on an even keel.

More #DigitalDisruption to come.

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London-based Practical Futurist and former IBM Global Managing Partner, Andrew is a popular and sought-after presenter and commentator on issues around digital disruption and emerging technologies. He is a multiple TEDx & International Keynote Speaker. Watch his speaking showreel here, enquire about availability & fees here or listen to his latest Podcast - "The Practical Futurist Podcast" on your favourite app.

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