This seems to have a central data-harvesting angle according to the article. The threat to banks is described as:
"And that means they'll be further away from the mountains of data others are hoovering up about the preferences and behaviours of their customers - data that could be crucial in giving them an edge over banks in financial services."
"Embedded financial services takes the cross-sell concept to new heights. It's predicated on a deep software-based ongoing data relationship with the consumer and business," said Matt Harris, a partner at investor Bain Capital Ventures."
This is how you build a dystopian panopticon, isn't it?
Yes. We already live in a panopticon, but I think we should at least resist making it larger.
My reaction to the trend is that while I'm forced into an intimate relationship with an established bank in order to function in society, there's no way that I'm willing to take on additional intimate relationships with the likes of FAANGs and Walmarts.
But I also know that most people don't have the same reservation.
"And that means they'll be further away from the mountains of data others are hoovering up about the preferences and behaviours of their customers - data that could be crucial in giving them an edge over banks in financial services."
"Embedded financial services takes the cross-sell concept to new heights. It's predicated on a deep software-based ongoing data relationship with the consumer and business," said Matt Harris, a partner at investor Bain Capital Ventures."
This is how you build a dystopian panopticon, isn't it?