Your Next Bank Could Be a Big Tech Company

Big Tech’s foray into financial services has significant potential for innovation and disruption. Yet, without proper regulation, it may create material risks for fair competition and financial stability.

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The Apple Card, launched in partnership with Goldman Sachs in 2019. (Source: Unsplash)

Big Tech’s big competitive advantages

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Source: Muzellec, Ronteau and Lambkin.
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Source: Visual Capitalist.

Not all entrants are motivated by the same strategic considerations

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Money being sent over M-PESA on a feature phone in Kenya. (Source: Forbes)
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Source: Norman Alex.

It all comes down to regulation

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Differences between GDPR and PSD2 as they relate to issues of consumer consent. (Source: EY)
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Sundar Pichai (Google), Mark Zuckerberg (Facebook), Tim Cook (Apple) and Jeff Bezos (Amazon) were summoned to give evidence over conference call during the antitrust hearing that happened in July. (Source: Wall Street Journal)

Our future in the balance

Hobbyist writer covering entrepreneurship, innovation, sustainability and COVID-19. Published by The Startup and other Medium publications.

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