TRY FOR FREE

Why Facebook Is a Dark Horse in the Financial Services Industry

For a casual observer, the financial services industry is mostly about banks, governmental financial authorities, financial technology startups and maybe a bit about the ecosystem that’s facilitating the growth of those startups (incubators, accelerators, sandboxes, VCs, etc.). But for someone who looks beyond popular news releases, quite different (and often repeatedly) names pop up in the background, and those are not ‘financial’ names at all – we are talking about large technology and code-first companies that were never before considered a part of the financial services industry. Consumers know them well as technology innovators, PC/Mac makers and social media giants.

Although well-known and quite public, in the financial space, these companies sometimes perform activities in stealth mode. For an illustrative purpose, let’s take a look at the biggest social media giant of all times – Facebook. The company has been having big plans for its Messenger App and professionals across industries started paying closer attention to the ever-expanding commercial capabilities of a former chat app.

When did Facebook start its journey toward a grand plan and why did it become important now?

One of the reasons some believe we started hearing more about the Messenger App lately is because it is zeroing down on a critical ‘mass’ required to start monetizing the app. In 2014, Mark Zuckerberg explained,Our explicit strategy for the next several years is to focus on growing and connecting everyone in the world. <…&g ...

To continue reading, sign up for MEDICI Inner Circle and get free access for 7 days.
100,000+ FinTech professionals trust MEDICI Inner Circle to stay up to date on the latest in financial services.

RECOMMENDED