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Tech giants in financial services

by KPMG on Jul 29, 2018 10:00:00 AM

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Encroachment from technology giants such as Google, Microsoft and Facebook poses a growing risk to the traditional banking model. Yet instead of seeing the presence of these hyperscales as a threat, an increasing number of financial institutions are embracing partnership and collaboration as the way forward. According to a KPMG report, (PDF 1.87 MB) 26% of financial institutions are already partnering with one or more technology giants, and an additional 27% report planning to forge such partnerships within the next twelve months. This represents a significant shift for the industry.