THE FUTURE OF BANKING.
Tech giants such as Amazon, Apple, Google and Facebook will be the portals to banking for the future. Companies such as Apple, Google and Samsung already have e-commerce solutions on offer. They already have a large consumer base and will be able to offer loans and mortgages.
Obviously there will be privacy concerns on how your data is used especially after the recent episode of Facebook data sharing. The Open Banking Regulations give consumers the option to share data with third parties in order to help them manage their finances better. Futhermore convenience of banking online will eliminate fears over concerns.
Consumers are already adopting peer-to-peer payments, digital-first banks, cryptocurrencies and gold and silver bullion.
Business’s such as Amazon and Apple already have the contingency, technology and the ability to invest in such ventures. But the future of Banking in this way will have to be regulated for global financial stability, as this gives fintech companies the opportunity to follow suit.