Disrupting Retail Banking – The Era of Big Tech
This report provides in-depth analysis into the financial services strategies of technology companies. We look at their paths up until now, the products and services they have developed, their likely next moves, and how effective they will be at displacing the primary account relationship incumbent banks currently hold.
The increasing role technology plays in 21st century life has led to the banking sector being the latest industry to be disrupted. This has led traditional incumbent banks to make technology a key part of their strategic goals, including dedicated technology departments and chief technology officers as well as partnerships with technology giants. As technology and particularly data play an even greater role in financial services, it has become apparent that very little stands in the way of technology giants offering financial services themselves. They have the reach, resources, and brand to entice customers, who are more willing than ever to try new offerings due to the stagnant levels of service they have received over the last two decades.
Scope
– Tech companies are developing ecosystems on their platforms through which they hope to extract as much value from customers as possible. Previously tech companies only sought to collect user data, which they often sold on to third parties. Now data is increasingly being used internally to understand how to influence customer decision-making – particularly as it relates to the integrated marketplaces on their platforms.
– The approach to revenue generation by big tech companies has been monolithic. All companies have effectively prioritized growth at the expense of revenue, and have not monetized the vast majority of financial services products they have launched.
– While the likes of Facebook, Amazon, and Google are all entering financial services, they have each done so from different angles. This suggests there is no one way for such companies to enter the industry, meaning the threat to incumbents is larger than anticipated and cannot be precisely mapped.
Reasons to Buy
– Gain an understanding of the technology companies entering financial services, as well as the approaches and products they have used to gain a foothold.
– Realize which tech companies are the biggest threats to incumbent banks and the timeline of how these threats are emerging.
– Understand the potential embedded finance has for technology companies, and the ease with which such companies can move into financial services.
Key Players
Table of Contents
List of Figures
Get in touch to find out about our multi-purchase discounts
reportstore@globaldata.com
Tel +44 (0) 20 7947 2960
Every customer’s requirement is unique. We understand that and can customize the report basis your exact research requirements pertaining to market insights, innovation insights, strategy and planning, and competitive intelligence. You can also avail the option of purchasing stand-alone sections of the report or request for a country specific report.
Still undecided about purchasing this report?
Testimonial
“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.
GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”
“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”
Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.
Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.