Much has been touted of BigTech’s (Google, Amazon, Facebook and Apple (GAFA)) grand entry into financial services, specifically in consumer banking and how that will upend entire banking model, will be a monstrous threat to traditional banks and steal most market share. Overtime, this has proven to be an overhyped and inaccurate assessment of reasons behind GAFA’s investment activity and partnerships.

Yes, they (GAFA) are interested in consumer behavior that guides financial decision making but is GAFA truly interested in uprooting large banks such as Wells Fargo, Citigroup, Deutsche Bank, JP Morgan, HSBC and the likes? Highly unlikely. Traditional banks don’t just offer checking and savings accounts or issue debit /credit cards ( – top areas where GAFA appears to concentrate it’s efforts), they offer several varied consumer and commercial banking products, carefully curated after decades of experience, highly extensive network of middlemen, companies, local governing bodies, etc. It is neither so easy nor cost efficient to crack this nexus.