As a new decade begins, one of the major unresolved issues of the previous few years continues to haunt banks — when and how Big Tech will jump into financial services in a significant way.
While Facebook has launched its Libra digital currency project and Google has begun partnering with Citigroup on checking accounts, these appear to be just the tip of the iceberg. Banking by 2030 could look very different from today.
Many analysts expect this year to provide further insight into projects Big Tech has undertaken, including possible early leaks from pilot programs if results are positive, as well as the unveiling of new initiatives.
To be sure, it’s not just Big Tech banks have to be worry about. Fintechs are continuing to make significant inroads into the banking system, particularly among younger millennials and Gen Z customers.
Following is a look at how some of these trends may play out over the next year.
With contributions from Editor-at-Large Penny Crosman, Technology Editor Suleman Din and fintech reporter Will Hernandez.
