Reports of our death are an exaggeration: Difference between revisions
Jump to navigation
Jump to search
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) No edit summary |
||
Line 49: | Line 49: | ||
===Perez’ Folly=== | ===Perez’ Folly=== | ||
Not long before departing the ship erstwhile head of UBS Evidence Labs Juan Luis Perez — not | Not long before departing the ship erstwhile head of UBS Evidence Labs Juan Luis Perez — not by background a banker — remarked that the incipient competition for banks was not “challenger” banks, but Apple, Amazon, or Google. | ||
His argument was this: | His argument was this: banking comes mostly down to three components: technology, reputation, and regulation. | ||
Apple, Amazon, and Google ''wipe the floor with any bank on technology'' — I can go with that — and materially better standing with the public. Who | Two of these — technology and reputation — are hard, substantial problems, while the other — regulation — is comparatively formalistic, especially if you have a decent technology stack. How do the banks stack up against the FANGS? | ||
{| class="wikitable" | |||
|+Banks v FAANGs: showdown. | |||
! | |||
!Technology | |||
!Reputation | |||
!Regulation | |||
|- | |||
|'''Banks''' | |||
|Generally legacy, dated, patched together, under-powered, under-funded, conflicting, liable to fall over, susceptible to hacking. | |||
|Everyone hates the Financial Services industry. | |||
|All over it. Capitalised, have access to reserve banks, connected, exchange memberships, etc. | |||
|- | |||
|'''FAANGS''' | |||
|Awesome: state of the art, natively functional, at cutting edge, well-funded, well-understood, robust, resilient. Ok could be hacked | |||
|Who doesn’t love Amazon? Who wouldn’t love to have an account at the iBank? Imagine if banking worked like Google Maps! | |||
|OK there | |||
|- | |||
|'''Winner''' | |||
|Cmon: are you kidding me? '''FAANGS''' all the way! | |||
|'''FAANGS'''. Are banks even on the paddock? | |||
|'''Banks''' have the edge right now. But look out white-shoe types: The techbros are coming for you. | |||
|} | |||
Apple, Amazon, and Google ''wipe the floor with any bank on technology'' — I can go with that — and materially better standing with the public. Who doesn’t love Amazon? Who ''does'' love the Chase Manhattan bank? | |||
So, should the tech giants come for banking, ’’look out''. | So, should the tech giants come for banking, ’’look out''. |