Banks need to quit crying and become tech firms

Here’s another reason banks should fear the likes of Amazon.com Inc.: A new survey shows consumers are eager to see technology titans take on finance.Nearly 60 percent of U.S. bank customers are willing to try a financial product from tech firms they already use, according to a survey conducted by consultant Bain & Co. For younger respondents, the interest was especially high. About 73 percent of people age 18 to 34 said they would try a tech firm’s credit card, deposit account, investment or mortgage.

Walmart did it, why not the banks?

That’s because federal laws prevents companies from combining commercial ventures with fully fledged banks.

Perfectly legal to accept non tax dollar deposits, like Walmart discount points.