Friday, December 06, 2013

Banks need to take on Amazon and Google or die

Some bankers and analysts think that Google, Facebook, Amazon or the like will not fully enter a highly regulated, low-margin business such as banking. I disagree. 

Eye on the Ball

What is more, I think banks that are not prepared for such new competitors face certain death.

Technology has already transformed many industries. Next in line is banking. In two or three years, only 5 per cent of consumer interaction will be through branches.

The rules have changed and a new league of competitors is emerging.

Continue reading in the FT

+Bob DeMarco