Web titans are a bigger threat to banks than new FinTech
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.