Big tech and the banking industry: Threat or opportunity?
Big tech and the banking industry
Pressure from more than fintechs
The banking industry faces threats on multiple fronts. Recent quarteers have seen not only the rise of challenger banks in global jurisdictions, but also an increasing number of large financial technologies like Square and Klarna applying for banking charters. Yet, while these growing players have made headlines, technology and e-commerce giants like Amazon, Google, Facebook and Apple may pose greater threats to the traditional banking model.
Customer focus driving encroachment from e-commerce giants
For e-commerce firms like Amazon and Alibaba, the focus on creating a frictionless, one stop shop for digital purchases is driving their entrance into areas traditionally dominated by financial players. Identification, verificationand trust-based kite marks are increasingly on these firms' radar, under the banner of KYC.
Download full article here
© 2022 R.G. Manabat & Co., a Philippine partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.