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Tech Giants Like Amazon, Apple Biggest Threat to Traditional Banks
December 01, 2017
According to a new study by Bains & Company, major technology players like Tencent, Apple, and Amazon pose the biggest threat to the traditional banks.
Although the banks are trying to adopt as many digital technologies as possible to reduce costs and facilitate the payments, the majority of the consumers say they prefer powerful tech corporations for financial services.
In a study involving more than 133,000 consumers from 22 different countries, Bain found that at least of 50% of the respondents preferred availing financial services from a technology company.
