Bitcoin Forum

Banks As Commodity Utilities In A New Payment World

With the recent launch of Apple Pay and leaked screenshots of Facebook integrating payments with Facebook Messenger fintech companies, there is a lot of speculation regarding the future of banking. Backed up by the way-too-often quoted Millennial Disruption Index, Accenture’s Banking 2020 and a range of similar reports tech evangelists predict that Apple, Facebook and Google will become the banks of the future.

http://techcrunch.com/2014/11/30/banks-as-commodity-utilities-in-a-new-payment-world/

The question is will the regulators let them?
Complying with various regulations and negotiating central banks in different countries is a headache which tech companies may not be willing to take.

They will not let them IMO. And by the way this press of governments will only help cc.

Because in theory those fiat money backed by strongest corporations might be really tough competition to cc. There are some advantages that the private fiat money have over cc.

The big tech companies are not gonna be the next big banks becuase they don't want to, it's too expensive, just like it said in the article. The biggest thing there is will the banks become nothing more than glorified money-pipelines becuse of the recent surge in activity in the fintech scene?

To the average person going out for a drink or a burger, cash and credit cards will still rule for a long time. Maybe the young will switch to new payment methods in the few places which accept them, but the older folks will stick to what they've used for decades.

I don't think they will replace our existing banks. They are no more than to provide technological instrument for payment act as middleman. They ar tech companies, will continue to put attention to their own field, and wouldn't open branches for banking in every town.

Another nonsense article

The idea probably originate from someone from the academy. Universities are full of charlatans these days.