Though the blabber of these Search Engine tycoons to land on the runway of Financial Services are lined up in the market but Gartner clarifies that the result won’t be a traditional banking stuff.
Also the market astrologers clear the view showing that Facebook and Google won’t be opening their ends with banking but still confirms to be a rivalry power in the financial market. This jump is unlike Apple’s hype about “digital mega-firms”.
David Furlonger, the vice president of Gartner predicts an evolution to strike internet “continued to raise questions about the continued viability of brick and mortar establishments in retailing and financial services”.
He further justifies his words and said the internet companies may face this just because they work “as the commercial enterprises of the future”.
The discussion even adds few more lines; he said that as far as competition is concerned retail banking will be a safer option as “it would be like trying to hammer a square peg into a round hole”.
He recommends his words for approval by adding “this just does not fit”.
Gartner then moves forward more profoundly that digital companies had many favours served in their platter including data management and analytics expertise. It added such companies were also adept at extending their value chain analysis beyond the core offering, this was processed to grab better business opportunities and a higher level of customer satisfaction.
The contradicting fact that really throws a ball of fire is that these companies lack in intellect or experience in-depth security which is not at all a favouring genre for all the banking applications.
Though the favours offered by Google and Apple were very well aware about security and privacy needs of customer data. But the fact is still the mere one that this industry needs perfection and a new-comer doesn’t offer the needed amount.
As the age old market trends show that the new-comers cannot be the rulers, so specifying the fact that the new kids may also struggle too.
To bring a better verdict, they need to show a stable performance to hike up in the market. Regulatory compliance was also said by the company to prove tough hours when they are required to report financial regulators.
Mr. Furlonger still adds a surveyed view that “as a result digital mega-firms would alter and shape the market by helping it develop and change by making customers better informed and occasionally making catalytic forays into the market with niche financial services offerings”.
So it hardly matters who is the new power in market the fact remains the same that traditional banking did well, are doing well and will retain to do well.
-Authored by Sara Bruce. She is an SEO analyst and an avid blogger. If you come across any negative reviews about your Business/Services do visit our pages on ‘Remove negative reviews’ & ‘Remove rip-off reports’ to get rid of it.
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