Silicon Valley giants are better innovators, software developers and data managers, but banks' inherent advantages shouldn't be discounted, says Sonny Singh, a senior vice president at Oracle.
A seasoned investor in startups offers his top predictions for the coming decade. Among them: Big tech firms will become big players in financial services.
In trying to adapt and survive in an increasingly tech-dominated world, banks may unintentionally give up their most valuable commodity — their relationship with the consumer, and the data that comes with it.
Banks will have plenty of developments to follow this year, from Big Tech's evolving foray into the industry to data disputes and increased competition from digital-first challengers.
Goldman Sachs plans to offer details into its workings to boost its stock value; while challenger banks are prospering, traditional banks still rule the roost.
Granting a third party access to a bank's systems in exchange for more advanced technology can help prevent fraud, but it can also attract cyberattacks.
