Banks As Commodity Utilities In A New Payment WorldWith 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.