Will Google, Amazon and Facebook become banks?


These social giants already know everything else about you

About one in three consumers said they would switch to tech companies over traditional banks if they offered financial services or insurance, finds a new Accenture survey out this week. Though demand may be there, companies like Google, Amazon and Facebook may not bite, according to Brett King, host of the Breaking Banks radio show and fintech podcast. In a Skype interview today, King told us that tech companies don’t necessarily want to become banks with all the regulatory concerns that come with that business, but they will want banks to pay for access to customers through their platforms.

“The technology layer is essentially going to be the key element of the payments experience in the future, and Google and Amazon and Facebook want to own that,” King said.

In a separate interview, King shared his thoughts on how innovation in China and Kenya may radically change traditional banking, and he also spoke with my colleague Greg Leffler, who thinks “Google Investments” is a terrifying idea. King’s response? “Privacy is overrated.”

Do you agree? Why or why not? Let me know in the comments section or write a post with your full thoughts.

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