Google, Facebook challenge global banks, Lorre White

“The competitors of tomorrow will not be large scale banks, they will concentrate on the single aspects of retail banking – it is akin to guerilla warfare,” Farhad Irani, the head of retail banking at Middle Eastern Bank Mashreq, the largest private bank in the UAE, said. Photo: Reuters SHAUN DRUMMOND The chief threats to global banks’ business model come from internet giants like Google and Facebook seeking to capture customer transaction data, and telcos moving into the payments space, … [Read more...]

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