Encouraging to see a growing change in narrative associated with big Tech companies and their involvement Financial Services.
Rather than trying to disrupt and take market share from banks and insurers (it was never really clear they wanted to do this), Google and Amazon actually pose a greater threat to the tech vendors that already support the FS industry. Their track record is strong and their value proposition to the FS industry is simple:
- Modernise operating models through Cloud, Machine Learning and enhanced analytics
- Monetise consumer relationships through enhanced understanding of customers and user experience capability
Also, intriguing prediction at the end of this article that Google will make an acquisition in the FinTech space....
Google’s value proposition to banks is simple: “We help you monetize your customer relationships.”