{"id":13414,"date":"2019-08-05T10:23:02","date_gmt":"2019-08-05T10:23:02","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=13414"},"modified":"2019-08-05T10:23:02","modified_gmt":"2019-08-05T10:23:02","slug":"is-big-tech-the-future-of-banking","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/is-big-tech-the-future-of-banking\/","title":{"rendered":"Is Big Tech the Future of Banking?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">With a lower-than-ever-before barrier to entry, bigtechs are starting to see the financial sector as a highly-profitable way to expand their businesses and give consumers even more. In fact, there is evidence that bigtech Amazon is even considering offering a checking account service to consumers. This should be setting off alarm bells in traditional financial institutions as such a move could cost them up to USD 100 billion.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The fact is that consumers seem to trust bigtechs more than traditional financial institutions. For example, 65% of Amazon Prime customers said they would sign up for a bank account with Amazon, and 43% of non-Prime customers and 37% of non-Amazon customers said they would do the same. With bigtechs increasingly encroaching on their space, traditional financial institutions must act now if they are to remain relevant in the future. They must work to quickly adopt a data-driven and customer-centric mindset. This includes using their data to truly reach consumers and provide them with amazing experiences \u2013 all at the touch of a finger. They must work now to build and maintain meaningful relationships or risk being just another outdated company unable to keep up.<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-full wp-image-13415\" src=\"http:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/08\/Amazon-Infographic_4-30-19-1.jpg\" alt=\"\" width=\"1920\" height=\"5431\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/08\/Amazon-Infographic_4-30-19-1.jpg 1920w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/08\/Amazon-Infographic_4-30-19-1-106x300.jpg 106w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/08\/Amazon-Infographic_4-30-19-1-768x2172.jpg 768w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/08\/Amazon-Infographic_4-30-19-1-362x1024.jpg 362w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-13414 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Digital banks provide better service than traditional ones'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/digital-banks-provide-better-service-than-traditional-ones\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/06\/london-978x512-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-10226\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-10226'>\n\t\t\t\tDigital banks provide better service than traditional ones\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='BFC takes part in E-commerce and FinTech Hackathon 2019'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-takes-part-in-e-commerce-and-fintech-hackathon-2019\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/06\/64778873_2847744035450732_2323112230897319936_n-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-13161\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-13161'>\n\t\t\t\tBFC takes part in E-commerce and FinTech Hackathon 2019\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Video: a conversation with Philip Augar on the future of banking systems'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/video-a-conversation-with-philip-augar-on-the-future-of-banking-systems\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/06\/Covid-19-and-the-culture-of-banking-A-conversation-with-Philip-Augar-150x150.jpeg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15002\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15002'>\n\t\t\t\tVideo: a conversation with Philip Augar on the future of banking systems\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>With a lower-than-ever-before barrier to entry, bigtechs are starting to see the financial sector as a highly-profitable way to expand their businesses and give consumers even more. In fact, there is evidence that bigtech Amazon is even considering offering a checking account service to consumers. This should be setting off alarm bells in traditional financial &hellip;<\/p>\n","protected":false},"author":5,"featured_media":13416,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,367],"tags":[449,77,407,129,70],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13414"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=13414"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13414\/revisions"}],"predecessor-version":[{"id":13417,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13414\/revisions\/13417"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/13416"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=13414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=13414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=13414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}