Daily Review: Technology Companies Are Invading the Financial World

"Amazon knows something about me that a bank never will. It knows everything about my revenue, and they know my audience – that's something that I might not even know. It lets Amazon take this risk that a bank cannot," said Lex Sokolin, Global Director of FinTech Strategy at Autonomous Next. "Information makes risk-taking cheaper because you know who's going to default and who's not. It shows you how much more insidious it is to compete with a platform that truly knows you and your data."

Big Tech's Next Prey: Big Finance

  • Look for Big Tech – with caches of data about billions of people around the globe – to power the next jumps in financial technology, keeping users reined within their own, ever-expanding platforms and absorbing billions in profit that otherwise would have gone to traditional financiers.
  • Amazon Lending has lent $3 billion to merchants since 2011. Google's venture arm is ramping up investments in cross ...
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