/biz/ - Business & Finance

It's looking more and more like the future is going to be a technocracy and the next step is big-tech take over of banking in the West. We can see this in slow motion happening:

>Google Checking accounts, Facebook Libra, Apple Pay, Ali/WeChat pay etc. >Govs planning cashless societies and digital currencies

Meanwhile big banks are still trying to milk Boomers for all they are worth with insurance, diversified index funds (shit funds), and all the other promises of security and "passive income". It doesn't look like current banks will be needed at all in the future, especially if most countries start issuing digital currencies (not that we know exactly how these currencies will function yet), but its easy to see them being left behind when Google/Facebook/Apple etc. make getting a loan a couple clicks and sending money instant/free.

My question for you big picture Anon's is, how does the power change from current big banks to tech companies look like? Will it be very slow motion change, will there be a great 'crash' or what? Would DeFi be realistically in the cards for mass adoption?