Conventional banking could soon become a thing of the past with the use of the internet and mobile devices booming. They are gradually replacing usual banking cards as a means to pay a bill, Deutsche Bank warns.
Following a technological revolution in payments the web services could take the final step by developing their own facility for allowing credits and taking deposits, says Interfax news agency referring to research by Deutsche Bank.
A ‘Google bank’ or ‘Apple bank’ that’ll certainly emerge will swallow the greatest part of the traditional banking market. Despite falling incomes and tightened regulation, the existing banks need to invest into new technologies to remain competitive at a time when new technology is advancing, the research says.
Traditional banks are getting unexpected rivals like Google, Apple, Amazon and Paypal that are working out mechanisms to effect mobile payments. The client base of Paypal is already comparable to that of many banks.