Summary This report provides in-depth analysis into the financial services strategies of technology companies. We look at their paths up until now, the products and services they have developed, their likely next moves, and how effective they will be at displacing the primary account relationship incumbent banks currently hold.
New York, April 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Disrupting Retail Banking - The Era of Big Tech" - https://www.reportlinker.com/p06066564/?utm_source=GNW
The increasing role technology plays in 21st century life has led to the banking sector being the latest industry to be disrupted.This has led traditional incumbent banks to make technology a key part of their strategic goals, including dedicated technology departments and chief technology officers as well as partnerships with technology giants.
As technology and particularly data play an even greater role in financial services, it has become apparent that very little stands in the way of technology giants offering financial services themselves. They have the reach, resources, and brand to entice customers, who are more willing than ever to try new offerings due to the stagnant levels of service they have received over the last two decades.
- Tech companies are developing ecosystems on their platforms through which they hope to extract as much value from customers as possible. Previously tech companies only sought to collect user data, which they often sold on to third parties. Now data is increasingly being used internally to understand how to influence customer decision-making - particularly as it relates to the integrated marketplaces on their platforms.
- The approach to revenue generation by big tech companies has been monolithic. All companies have effectively prioritized growth at the expense of revenue, and have not monetized the vast majority of financial services products they have launched.
- While the likes of Facebook, Amazon, and Google are all entering financial services, they have each done so from different angles. This suggests there is no one way for such companies to enter the industry, meaning the threat to incumbents is larger than anticipated and cannot be precisely mapped.
Reasons to Buy
- Gain an understanding of the technology companies entering financial services, as well as the approaches and products they have used to gain a foothold.
- Realize which tech companies are the biggest threats to incumbent banks and the timeline of how these threats are emerging.
- Understand the potential embedded finance has for technology companies, and the ease with which such companies can move into financial services.
Read the full report: https://www.reportlinker.com/p06066564/?utm_source=GNW
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