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Author: slips Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 4892  
Subject: Re: another interesting article Date: 6/23/2014 3:09 PM
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Hello,

I haven't posted on the MF forums yet because I never feel I have anything of value to contribute. However, being a member of the "Younger Set"(27 is young?) myself, I feel I can touch on a few points of uncertainty you guys may have.

First, I don't know a single one of my friends, or any 20-something for that matter, who doesn't implicitly trust Google. Generally, we also hate absolutely everything about our bank. This alone would go a long way if Google stepped into the banking arena. Adoption wouldn't be a problem, since I've known Google for 10 years, and they've never hit me with an overdraft fee.

Second, Google and Facebook both have the same goal, no matter what market they're entering: Get Better Data. They already know where you spend almost every cent online, but that only accounts for a single facet of your purchasing habits. If they had access to the same information your Bank does, they would be that much closer to building a complete picture of You. Which means improved targeted ads, due to Better Data.

Third, The overall investment would be low, from an infrastructure perspective. They (Facebook and Google) already have systems that span the globe, allowing instantaneous communication with anyone on the planet. How difficult would it be to integrate some additional services? Not nearly as high a barrier of entry as PayPal faced, I would suspect, and now we know there is a proven market.

Anyhow, Hopefully there is something useful in there for someone. A few bits of information about myself: I work in Information Technology for a Bank, amusingly enough.
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