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- This is a preview of the TECH COMPANIES IN FINANCIAL SERVICES research report from Business Insider Intelligence.
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Tech giants are set to grab up to 40% of the $1.35 trillion in US financial services revenue from incumbent banks, per McKinsey. Three of the largest US tech companies — Apple, Google, and Amazon — are particularly encroaching on financial services and threatening incumbents with their size and ability to attract massive, loyal user bases.
Apple is deepening its financial services play as a means of invigorating revenue, and its expertise could make it a legitimate threat to legacy players. Google's platform-agnostic approach, wide international penetration, and top talent position it as a hub with unrivaled global reach beyond just consumer payments. And Amazon — which has eaten up market share in every industry it's touched, and now has its sights on financial services — could swiftly undercut legacy players.
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See Also:
- National Australia Bank expanded its gambling block feature for mobile banking customers
- Morgan Stanley's $13 billion E-Trade acquisition will help the bank reach new demographics
- Varo Money is partnering with digital remittance provider WorldRemit for overseas transfers
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