ATM Withdrawals by Phone; Tech Bypassing Banks

Traditional banks want to give customers the choice of using their phones to withdraw cash if they forget or misplace their ATM card, the New York Times reported. Meanwhile, companies like Alipay, Amazon, Facebook and Google “are working to cut out banks as the middlemen” by applying for licenses that allow them to provide basic financial services, reported the FT. “’The days where 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.’”

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