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American Banker: How Amazon, Apple, Facebook, Google are infiltrating financial services

American Banker, March 29, 2022, How Amazon, Apple, Facebook, Google are infiltrating financial services

“One of the biggest fears of banking executives is that the four large tech titans — Amazon, Apple, Facebook and Google — will move into banking and come after their clients,” wrote Alyson Clarke, a principal analyst at Forrester, in a 2020 report.

None of these companies have taken steps to obtain a banking license, so for now they need the support of financial institutions to offer bank products. But the prevalence of application programming interfaces and infrastructure providers means they don’t need to build financial capabilities in-house or take on the regulatory complexities, said Elif Yayla, senior intelligence analyst in fintech at CB Insights.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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