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n the not-too-distant-future, Amazon (AMZN) could let customers zap each other cash with Alexa, and then deposit the money in an Amazon-branded checking account.
Apple (AAPL) is reportedly on the verge of launching a joint credit card with Goldman Sachs (GS) that would carry the Apple Pay brand. And Facebook (FB) just formed a team to explore the power of blockchain that could include creating its own cryptocurrency for payments.
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Big Tech’s experiment with finance is aimed at deepening relationships with customers — especially younger ones — making it less likely they’ll go through the hassle of taking their business elsewhere.
“There has been a clear shift, with much more aggression into the banking space,” said Daniel Ives, chief strategy officer at research firm GBH Insights.
“Technology companies are trying to get further entrenched in the consumer lifestyle,” he said.
At the same time, delving into finance can give tech firms valuable insight into what Americans are spending money on. That information can then be used to shape future business strategies and defend against threats.