Banks can compete with big tech by exploiting the ‘trust’ gap

In recent years, big tech companies have been pivoting into different industries. By applying their knowledge of emerging tech, they’ve been able to disrupt and overtake established players in the market. And with the emergence of open banking, they’ve now turned their sights on the finance industry.  Google Pay will soon let Citibank customers (and nine other banks) manage accounts directly from the app. Apple launched the Apple Card, its own credit card issued by Goldman Sachs. Amazon now offers up to $1M in loans to small businesses. Meanwhile, Facebook plans to launch its own digital currency Diem (formerly Libra)…This...

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