Financial services firms have been anticipating when some of the biggest tech firms, Google, Facebook, Amazon and Apple, will fully enter into the market; most big tech firms have already done some products through partnerships or focused on a specific segment; new comments from the Federal Reserve could spell trouble for fintech firms; Federal Reserve Vice Chair for Supervision Randal Quarles explained at an event according to American Banker, “Technological innovation offers the promise of a substantially more efficient financial system. But new systems, processes and types of businesses will bring with them novel fragilities.”; more regulation could come in a bid to stop some of the big tech firms from gaining too much power; an unintended consequence could be fintech startups being overregulated and end up doing more harm than good. Source.
