Leading technology companies like Google, Amazon, Facebook and Apple (the so-called ‘GAFAs’ of the world) present a challenge to the banking sector. But are they friend or are they foe?
This was one of the discussions that took centre stage at a recent seminar on disruptive trends in banking, hosted by Theano Advisors and Equant Analytics.
The two firms have also coined another term for similar companies, which they believe banks should be taking note of: the ‘MIAs’ (Microsoft, IBM and Alibaba), together with the GAFAs, are masters of technological innovation, have a huge amount of liquidity and are experts in providing services. They not only redefine the way we buy, sell and live our lives; they also pose a tremendous threat to the banking sector, and, increasingly, the trade finance space.
In this video, GTR talks to Rebecca Harding, CEO at Equant Analytics, and Michel Zarka, CEO at Theano Advisors, about the challenges and opportunities generated by the GAFA MIAs, and how banks can use their presence strategically.