As banks continue to move more of their business to electronic and mobile channels, the threat of competition from tech giants such as Apple and Google. Let's face it for many of us around the world Google is very intertwined in our every day lives. We probably have one or more interactions with a Google software daily. Is it then far fetched that we could also bank with Google. If you recall branchless banks have enjoyed tremendous success since their inception- they can provide all the services of a traditional bank at a fraction of the cost and few of the physical limitations.
Alternative Banking is a great blog written by bankfutura.com which talks about the threat or opportunities for alternative banking options which could be offered by tech giants. It shows that if Apple and Google were to go that direction they could remove tens of millions of customers from traditional banks. Bankers beware?
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