World Economic Forum Says Tech Giants Have Big Potential to Disrupt Finance

According to a new World Economic Forum report, tech giants like Facebook, Google and Amazon have enormous potential to disrupt finance; the big tech companies already have scale and brand recognition, something most startups are still looking to achieve; AltFi reports that the 200-page report says: “Financial institutions increasingly resemble, and are dependent on, large tech firms to acquire critical infrastructure and differentiating technologies, the coming collision between financial institutions and large techs leads to tough choices for all firms: become dependent on large techs or risk falling behind.”; the report goes on to say fintechs, while successful, have still yet to really disrupt big financial firms as many of their solutions are beginning to be built by the incumbents. Source

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