I received one interesting comment about Google, Apple, Facebook and Amazon (GAFA) and co getting into banking from one bank: why would they?
His response was based upon the fact that he’s more worried about Google when they’re not a bank than when they are one.
“If they bought a bank – let’s say they acquired Citibank – then this would be good news”, he said, “because that would kill them.”
Google would become stuck with compliance, audit and integration issues and would be dragged down like all banks are.
Read more at Financial Services Club Blog