Daily Fintech Conversations

The Bank of Google. Does every big tech giant want to be a bank? Maybe... Probably!

Originally published at: https://dailyfintech.com/2019/11/18/the-bank-of-google-does-every-big-tech-giant-want-to-be-a-bank-maybe-probably/

In 1994, Bill Gates said: “We need banking, but we don’t need banks anymore.” So why hasn’t Bill Gates opened a bank? Well, because technology giants don’t really want to be banks. Banking has a lot of the audit and compliance overhead, that tech giants don’t need or want. Big tech companies, Microsoft and GAFAs (Google,…