Big tech groups are now working to cut out banks as the middlemen, threatening to turn legacy financial institutions into the dumb pipes that feed the back-end infrastructure of firms such as Amazon, Google or Facebook.
"The days when a single channel for financial services was controlled by banks are coming to an end," said David Parker, head of banking at Accenture UK and Ireland.
"Companies like Google, Amazon, Facebook and many others who have much more intimacy with their customers will be able to demand and create better services", said Parker.
"In the short term, this will be the equivalent of small fish nibbling away at parts of a bank's services, but in the longer-term, most banks are worried".
"It will become attractive for tech firms to pick off parts of the bank - Amazon lending to small merchants, Google putting a buy button in its adverts, Facebook facilitating money transfers."
Amazon's payment service is already advancing steadily: today, it allows online vendors on its Marketplace site to take payments across the US and Europe, and also makes small loans to its US merchants through its B2B arm, Amazon Business. The division was recently launched in Germany, although it does not make loans in Europe yet.
In 2016, the e-commerce firm rolled out "Pay with Amazon" across France, Italy and Spain - a PayPal-like service that allows users to pay for non-Amazon purchases including government services, insurance and travel, using their Amazon login on thousands of third-party websites.
In 2016, payment volume on this service nearly doubled and was used by 33 million customers, Amazon said.
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