Weekly Topic Update (Dec 31 - Jan 6)

Amazon, other big tech challenging traditional ways of banking, payments


Many fintech experts believe changes in financial regulation mean the tech giants - including Amazon and Facebook - will soon be able to access customers' bank account data, threatening the traditional banking system. The trajectories of Paym in the U.K. and Venmo in the U.S. are already examples of how non-banks are better at consumer mindshare and with global financial rules loosening, banks will begin to lose their hold on the most important asset: consumer data. As a result, AI is expected be an event horizon for financial services in 2018.
Amazon Bank: Will banking’s worst nightmare come true in 2018?

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Source: Wired

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MoneyLaundering.com (sub. req.) • AML BSA CTF

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