Back to posts
60 second interview with Tom Blomfield
20 Apr, 2018 | Tom Blomfield
After the Digital Banking Live Debate we caught up with Tom to find out if he would ever bank with one of the GAFAs
Q. In 5 years, with which channel are you most likely to engage with your current account provider? WhatsApp/ Facebook Messenger, Amazon Alexa/ Siri or an App from your Bank?
A. I actually don't know. It seems like the mobile app is currently dominant, but we'll see if that changes. I do think think there will be a shift towards accessing financial products from different institutions within a single platform or marketplace. WeChat in China is a good example of that.
Q. Would you switch from your current current account provider to one from a GAFA?
A. No way. Monzo all the way!
Q. Do you think it likely one of the GAFAs will apply for a Banking Licence in the next 5 years?
A. I think it's pretty unlikely that they will get a banking licence themselves, especially in the US. There's a federal law that requires separation of banking and commerce - you've got to choose one or the other.
I think it's very likely that several of them will offer banking services, perhaps by white-labelling another bank's products.
Q. When it comes to exploiting Open Banking, who provides a bigger threat to the incumbents? The GAFAs or The Challenger Banks? Or maybe something else entirely?
A. Open Banking will enable a new category of service - "marketplace banking" - where a company provides a hub or control-centre, allowing customers to access hundreds of different products and services from different providers within a single platform. I don't think we have a good name for that yet.
Back to posts