Big Tech entering Financial Services

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  • According to CNBC, tech giants leap into the financial services sector has been more of a “slow creep than big strides,” with the companies mostly adding services that are peripheral to banking.[1]
  • The tech giants have faced numerous obstacles along the way, with consumers growing increasingly skeptical over providing large technology companies with their personal information.
  • And while they’ve pushed deeper into the financial sector, Big Tech has tried to avoid becoming regulated financial institutions, choosing instead to operate with partner big banks, instead of taking them on directly.