They are basically committing suicide. Get in bed with a rattlesnake and you will get bit.
Google has a history of using data in ways that the average CEO cannot even fathom.
They will do the same thing here which means that banks will end up holding nothing. Data is the real value, the rest is basically just a lot of expense.
This is why the major tech companies can operate at such huge margins. Google is not looking to set up branches all over the world. They prefer to have an app that is downloaded.
They will have millions of branches open...every smartphone the app is on is a branch in their eyes.
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