Future of Banking: Will Google Or Amazon Be Your Future Bank?
I found this article very interesting especially after the announcement of google this week getting into banking. Early next year, Google wants to start offering some type of checking account to its users. However, to be honest, I don't think their main goal is to be the bank of their users but more about monetizing the information that they will have access too. By providing the banking infrastructure to their users, they will be able to see where the money comes from all the way to where and how it spent. Think about the power of this information on millions of customers.
What will the future of banking look like? I have been in finance for 20 years and its a question I ask myself every day. The article talks a lot about millennials and what their expectations will are around money management. However, I think we need to think bigger. The future is about the information on users and clients and using that to maximize experiences, spending and brand loyalty, etc.
I work at Jpmorgan and we are trying to become a place that is a destination and experience for our clients. We want to be known as a "tech firm" that does banking and google wants to be known as a "banking firm" that does tech. As technology changes and evolves around us we will see who wins this race. One thing I do agree with the article on, whoever you are not doing anything is not an option.
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