Could banking with Facebook and Google become the future

A recent Mulesoft survey of 8000 people found that about half of young people would at least be open to the idea of doing their banking with companies like Facebook. It is not a leap of imagination to contemplate tech giants using their currently-existing user bases and infrastructure to branch into banking, especially when one considers the rise of many online-only banks. Tech giants offer convenience, simplicity and customization, benefits that for many potential consumers trump any concern about privacy.

Key Takeaways:

  • Facebook and other tech giants offer convenience and customization and come equipped with pre-existing infrastructure and user bases.
  • Brick-and-mortar bank branches have been closing down around the country, while online-only banks have proliferated.
  • While there are concerns about privacy and data protection that would come with the use of tech giants for banking, for many Millennials this is a minor concern.

“The company MuleSoft surveyed more than 8,000 people across the world and discovered that 52 per cent of 18 to 34-year-olds say they would consider banking with Facebook or another tech giant they use regularly. And third of all age groups agreed.”

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