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The US Tech giants and bulge bracket banks have been warily circling each other for a while now, especially in the payments space. The reason: Banks are rapidly emerging as massive potential customers for the FANGs fast-growing, cloud-computing businesses making them think twice about alienating the banks by becoming direct competitors.
For years, banks had resisted moving sensitive data or processes to the cloud, citing the security concerns of allowing data outside of their leased or owned data centers. Financial firms also had already invested billions into their own internal data platforms, including so-called private clouds. But recently, momentum shifted after regulators began using the cloud for data storage and reporting, including the Financial Industry Regulatory Authority, which works with Amazon’s AWS. That has led many banks to start doing the same.
https://www.wsj.com/articles/why-amazon-and-google-havent-attacked-banks-1524758594
