They don't want to become banks and don't need banking licences. Instead tech titans want to gather ever larger quantities of customer data
Tech companies want to become the go-to payment option when customers transact. Their focus on payments is giving them an essential role in customers' lives – and yielding huge amounts of data on their purchasing behaviours which they can then use to generate new insights.
Tech companies are hungry for more and more customer data, are able to interpret it and control the exchange of this data through digital portals (APIs). The data enables these companies to create better services, more targeted advertising and products and pre-empt needs before the customer is even aware of them.
Socially slanted companies (Facebook, Google and Amazon) use their deep experience and understanding of their customers to become fixtures in every aspect of their daily lives. They position themselves as 'lifestyle partners' by providing APIs (such as Amazon's Alexa Voice Service) that offer a personal, tailored interaction with customers.
of people feel there is no alternative than to provide personal information for services
Amazon employs the 'human touch' via a conversational experience with Alexa, its voice assistant
Facebook's bot API gives startups the tools to provide financial services (budgeting, analysis, advice, etc) – effectively a large part of their banking – via Messenger