Big tech companies are dabbling in big finance and big banks are starting to notice. Amazon has loaned over a billion dollars to small businesses, Apple owns more corporate debt than some of the worlds biggest bond funds, and Google and Apple have gotten into the mobile payment business. Columnist Lionel Laurant wrote about this shift for Bloomberg. He talked with Marketplace’s Molly Wood about Big Tech creeping into the highly regulated world of banking. He says companies like Amazon and Apple face different challenges trying to disrupt the industry banking than they did disrupting retail, bookstores and media.
“I think it’s a bit like the image of invading a castle or a fort. They’ve gone for the easy to disrupt, the least regulated businesses in the world, and they’ve done a very ferocious job of essentially tearing the rug out from old, established businesses that were not protected by big regulatory moats, and now we’re getting to the hard part of the corporate landscape. These big tech companies, they’ve had a great decade, but they still need to grow.”
Click the audio player above to hear the full interview.
If you’re a member of your local public radio station, we thank you — because your support helps those stations keep programs like Marketplace on the air. But for Marketplace to continue to grow, we need additional investment from those who care most about what we do: superfans like you.
Your donation — as little as $5 — helps us create more content that matters to you and your community, and to reach more people where they are – whether that’s radio, podcasts or online.
When you contribute directly to Marketplace, you become a partner in that mission: someone who understands that when we all get smarter, everybody wins.