There has been talk about one the big tech firms becoming a bank and potentially forever changing financial services; event without a banking license big tech firms are making noise in the finance market; Amazon and PayPal have been extending billions in loans and banks have started testing technologies like Alexa; the tech firms have also amassed a trove of data that could end up being as important as banking data; as banks become more digitized we will begin seeing a further mixing of interests to help offer the best experience as possible to the customer. Source.
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PayPal
PayPal CEO Dan Schulman is committed to helping support and promote financial inclusion by democratizing financial services and making banking activities more broadly available to everyone; the company is well positioned to support this initiative with more than six billion transactions occurring on its platform annually; Schulman provides some metrics around the benefits of digital transactions noting that the typical underserved population spends 10% of its disposable income on unnecessary fees and interest rates and with technology the cost of basic transactions can be lowered by as much as 80% to 90%.
