Money for nothing

I have a friend we called Tatxín from the primary school. Tatxin is currently responsible for coordinating a few branches of the second most important bank in Spain. He was always a smart guy, really.

I am not with him frequently, because we live in different towns, but every Christmas when we meet we talk about everything except sex, drugs and rock and roll, and in those conversations, when the topic “work” comes up I try to see how his sector evolves, and I realize that what he told me yesterday, which seemed futuristic, today is getting closer.

Tatxín comments that his bosses are shaking with the idea that Facebook-Bank, Google-Bank or Amazon-Bank will be launched (curiously, Apple is out of these fears, its war is in other bussiness). The day that any of the three companies mentioned are positioned like “your bank” will erase the vast majority of conventional banks we know today:

.- imagine that you follow a store on facebook, and on its facebook page there is a product that you like, you press the button “buy”, and you perform the operation directly from your facebook bank account against his facebook bank account. So, it does not appear more than the store, facebook and you. Your today-bank doesn’t take a single dollar. It stays off-side.

.- imagine now that your bank starts a strategy to capture … I know …. a million clients in mortgage loans, for a total of three hundred billion dollars (an average of $ 300,000 for each client that is mortgaged). Its price would be (in Europe, for example) euribor + something, however little it is, right? Imagine now how Google would do it. Your market is not a country or two or three (like your bank’s) his market is about 200 countries … so “one-million-of-customers” is a joke for them … their strategy would be of 100 million customers, the global would be …. so many zeros in euros or dollars that I get dizzy thinking about it, and its price would not be referenced to the euribor … maybe it would be euribor + 0 or even euribor – a little. .. because yes, you would pay him by transferring your data, and we know that data are not important for us, right?

.- And about Amazon … I will write about it for another day, when I try to talk about AI.

Tatxín scares me. Well, no, Tatxín no, he is very funny and a very good person … but what tells is scary for thinking… or not?

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