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.
