TECH - Banks Unite To Combat Big Tech Under Their Turf | Benzinga
As Apple Inc (NASDAQ: AAPL) and Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL)-owned Google penetrated into financial service and realized significant gains with mobile wallets, America’s biggest banks have joined their efforts to defend their turf. Namely, JPMorgan Chase & Co. (NYSE: JPM), Bank of America Corporation (NYSE: BAC) and Wells Fargo & Company (NYSE: WFC), among others, will be launching a mobile wallet that will connect to credit and debit card accounts of 150 million customers.
Fintech Partnerships Have Been In The Air For A While Now…
Fintech has been taking a bite out of traditional banking. In April, Apple continued its iBanking revolution that began with Apple Pay by joining forces with The Goldman Sachs Group Inc (NYSE: GS) to release its Apple Card high-yield savings account. Goldman Sachs is known for embracing technological development to meet the needs of its tech-savvy customers. But, even other offline banks entered the fintech game.
For example, JPMorgan has struck deals with both Apple ...