South Africa: Forget Fintech, It Is Big Tech That Banks Should Fear the Most

analysis

While fintech start-ups have slightly rattled the cages of traditional global banks, the establishment is as strong as ever. But Facebook and Amazon are about to enter their turf, and given their power and size, banking as we know it might not survive the onslaught.

The legacy that is the global banking system has survived challenges to its livelihood from all directions for many years. But new entrants are no longer isolated to financial technology (fintech) start-ups, a simple hiccup. Now entering the battlefield are goliath technology corporations with scale and reach so large and wide that they could shake the industry to its core.

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