|In November 2019, Google announced that it will offer smart checking accounts. Google will offer this service in 2020 in partnership with Citigroup. Platform players such as Facebook, Apple and Amazon have already got into credit cards, payments and loans which were earlier dominated by traditional banks and financial services players.
The platform business model is disrupting almost every industry and banking and financial services is not an exception. Platform players are giving serious competition to the traditional banking and financial services players. The vertically integrated industry value chain is getting disintermediated, altering the industry landscape across geographies.