Google bank is coming soon! We’ve been listenting this will occur for last 10 yrs. They are already entering (or have already entered) the payments space look for example the Google Merchant Account. Bank’s are so far behind the technology curve there is effectively no real way for them to catch up….only differentiate. EMMAR can associate Google banking. If Alphabet wanted to buy a bank, really….what would stop them?? After all, the systems are just being switched to fully online. (Rather than a physical place) Could this be the first line in the horizon for more commercial usage of Bitcoin? Why become banks, when you can become the ultimate authority. If you have a problem, just ask google. If you need something just ask Amazon, if you want to talk to someone, just go on Facebook. It’s not like communication existed before these companies. Why not have these corporations take over the world? There would be no unemployment.
No Place for Conventional Banking in Future
What is the last innovation you remember a bank providing in terms of value to you? Internet banking? Now that’s a bit embarrassing isn’t it. As for Google and Facebook, they’re both social Networks. Networks like these 2 companies would gamble with your money and lose it all. Since banks don’t like losing money and are made up of people’s money, they also have no business becoming banks, especially Facebook. These corporations have more connect to people than banks do. Banks are hierarchical and non responsive to many general needs. Banks have to reinvent and even though it may or may not be good to have these companies now entering a potential banking space, its good compete and gives something for the banks to work on. To be honest, we really think that they already are … But they wont build “walls”. We believe these Social Media banks will choose selling more lucrative products and processes. These services will be convenient, cross channel and efficient. Existing banks will have a terrible time to compete. Credit unions ARE banks. Many insurance companies are banks (State Farm, AAA, etc.) So banks growing out of a “membership” such as Amazon and Facebook are actually more like the original CUs!!! They don’t have to be a traditional bank, maybe they add some much needed legitimacy to bitcoin by joining up with other tech companies to support it.
