If tech companies like Amazon, Apple, PayPal, or Google we’re to offer full-service banking options, would you switch from your standard bank to use one of them?
Whether you like it or not, it’s an avenue that these companies are willing to travel and have even formed a lobbying group known as Financial Innovation Now to allow them to be taken even more seriously in their pursuit. Earlier this year, Amazon pursued the purchase of Capital One.
I gotta admit that I’m intrigued by the prospect. And my intrigue is a combination of wonder over what kind of benefits they could offer — such as discounts on other non-banking products and services — and disgust over the fact that modern banks do nothing but take your money.
Seriously! Banks do nothing but earn money on our money. Not earnings that we see either. We get next to no interest on our money; we are charged for basically every single service that they offer us like ATM usage, new checks, and even account transfers; and the customer service is getting lousier with each passing visit.
So why wouldn’t I be interested in the Bank of Apple or Amazon or Google or PayPal?
Most banks suck. I’m sorry to say this as I have a relative in the banking industry, but it’s the truth.
Bring it on, I say! Let’s see what tech companies can do to fix the industry.
Would you open an account with them?