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Will the Internet giants become banks?
Posted: 3 October 2017

One of the big questions we regularly encounter in our discussions with clients, particularly in financial services, is whether the Internet giants - Google, Facebook, Amazon et al - will become banks.
We've argued consistently that the last thing they want is to enter the regulated, constricted world of traditional banking. Rather, they will reinvent the entire process of lending and spending funds, initially in the retail space, but ultimately, across the spectrum.
Chris Skinner, head of the London-based Financial Services Club, and author of a clutch of books on the new world of financial services, holds a very similar view, which he expresses powerfully in the attached blog. Good reading.

Do you really think that Google or Amazon want to be a bank? - Chris Skinner's blog
3 October 2017
I’ve said continually that firms like Google and Amazon will never open a bank. I still believe that this will be the case – Facebook and Apple also fall into this view – and mainly hold this view because these companies would find full service banking a difficult and unprofitable …
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