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Google: The Next Big Fintech Vendor

Forbes – Rob Shevlin: “Amazon has no incentive to cut banks out of the lending or deposit business. Amazon can make more money by providing technology services to help financial institutions underwrite, process, and service loans. Banks will gladly pay for this, because Amazon will do it for a lower cost that what banks incur to do it today.” My argument then, as it is now, is that Amazon is poised to be a vendor—not a competitor—to financial institutions. Google’s Banking Forays Four recent stories regarding Google signal that it, too, is following a similar path and is on its way to becoming the next big fintech vendor: 1) Google checking account; 2) Google debit card; 3) Google AI tool for Paycheck Protection Program loan processing; 4) Google Cloud bank deal….”

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