There is an observation of the “TECH COMPANIES IN FINANCIAL SERVICES” research report.
Tech giants are set to grab up to 40 percent of the $1.35 trillion in US financial services revenue from incumbent banks, per McKinsey. The three largest US tech companies in the world. APPLE, GOOGLE, and Amazon are particularly encroaching on financial services. And also threatening incumbents with their size and ability to attract massive, loyal user bases.
Apple is escalating its financial services play as a means of revitalizing revenue. So, its expertise could make it a legitimate threat to legacy players. Google’s platform targets the challenges approach, wide international penetration. In other words, wonderful top intelligence position. While it’s as a hub with an unrivaled global reach beyond just consumer payments.
Amazon which has eaten up market share in every industry it’s touched. Also, currently has its sights on financial services could swiftly undercut legacy players. Tech Companies in financial services report: Technofinite Inc was examined that Apple, Google, and Amazon are making to gain a larger foothold in the global financial services industry.
Therefore, Tech company’s threat to incumbents and outline potential next steps based on their existing moves. The companies mentioned in this report: Apple, Amazon, Google, Goldman Sachs, MasterCard, Barclaycard, Citi, Chase, Capital One, Paytm, and PhonePe.
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Companies In Financial Services: Here are some important takeaways from the report.
Apple’s are experts in consumer-facing tech products makes it a legitimate threat to legacy players. Its next move could be cohesive with its existing offerings.
Google’s movement with money and commerce services from a payments hub with unrivaled global reach. Google could pursue global expansion by modifying its offerings in a different market. Similarly, India, pursuing Europe, and even delving into digital remittances.
While Amazon is an expert interference and it has its sights set on the financial services company. Amazon could develop checking and savings accounts, bring Amazon Pay in-store. So, white-label it’s Amazon Go store technology to deepen its financial services footprint.
In the Full report:
Outlines the threat posed by Amazon, Apple, and Google to legacy financial players. Identifies each tech giant’s strengths, weaknesses, opportunities, and threats forward further into financial services.
Discusses each company’s moving forward in financial services and their anticipated next steps in the space.