It's seems only a matter on time before one of the tech giants looks seriously at the Financial Services industry - a discussion that came up in our panel event as Cass the other week.
Here are the results of a survey that asked consumers how likely they were to take a current account from Amazon - the conclusion of the article being that Amazon is a threat to existing FinTechs more than the large incumbents:
An Amazon Checking Account Could Displace $100 Billion In Bank Deposits (But It Won't)
Consumers are more interested in a fee-based checking account (bundled with other services) from Amazon than a free checking account from the company.
Chris Skinner, an independent commentator on the financial markets once said, FinTech firms make faster horses but TechFin firms are working with airplanes. Perhaps one of the first technology companies to disrupt the investment management industry is AliBaba.
6 years on from its introduction, AliBaba's money market fund, Yue Bao is still the world's largest at approx $200bn under management (beating JP Morgan's similar fund).
In an age where data is an industry in itself, having a significant user base already which trusts your brand and the means to mine consumer data must surely be a strong starting point to disrupt the industry.
Will other tech giants like Amazon and Google follow suit this year? Perhaps a quicker way would be to acquire other fund managers.
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You’ll hear thought leaders speak on resilience and the future of open banking, and will have the opportunity to meet other fintech industry professionals and members of the Innovate team throughout the afternoon and during networking drinks.
FCA Innovate was created in 2014 and encourages innovation in the interest of consumers. We provide regulatory support for small and large businesses that are developing innovative products or services.
FCA services includes Sandbox, Advice unit, Direct Support and Regtech.
FCA Innovate in 2019 - Edinburgh
Join us in the heart of Edinburgh and learn how FCA Innovate’s services can benefit your organisation in 2019.