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The Big Four & The Banking Ecosystem: Millennials & Money: By Matt Britton Keynote Speaker

Name: The Big Four & The Banking Ecosystem: Millennials & Money: By Matt Britton Keynote Speaker
Uploaded: 2019-01-15T21:55:04Z
Channel: Matt Britton
Description: A keynote excerpt arguing that the largest technology companies (the ‘big four’) are moving into banking—leveraging consumer trust and capital—to…

15 Jan 2019

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A keynote excerpt arguing that the largest technology companies (the ‘big four’) are moving into banking—leveraging consumer trust and capital—to challenge traditional banks, which suffered trust loss after the 2008 financial collapse. Examples cited include Amazon (small-business loans), Apple (Apple Pay), and Facebook entering financial services, creating pressure on incumbent banks.

The big four. These big four companies are going to enter their way into the banking ecosystem. If you think about financial services companies they have the lowest amount of trust amongst consumers and that really happened because of the big financial collapse of 2008. Consumers inherently don't trust big banks. They trust technology companies. Look at 2007 the four biggest capitalized companies were Citibank, bank of America, ICBC and JPMorgan Chase. Well guess who the biggest four most capitalized companies are today. So I think these companies are going to start to enter banking. Amazon's already making small business loans. Apple through Apple Pay they're getting heavily into the space. Same with Facebook. Banking is going to be one of the next places these companies are going to enter and it's going to put a ton of pressure on traditional banks because they lack the trust and they lack the capital. And if you don't trust them and they don't have the money, well then are they really a great bank.