Stories

Big tech's next prey: Big Finance

Illustration: Rebecca Zisser / Axios

With tens of billions of dollars in fees at stake, the financial sector seems on the verge of disruption from the next burst of technologies, including artificial intelligence and blockchain. Data-laden tech giants including Amazon, Google, and China's Alibaba and Tencent are invading an industry dominated for more than a century by firms like JPMorgan Chase and Goldman Sachs.

Why it matters: Look for Big Tech, with caches of data about billions of people around the globe, to power the next jumps in financial technology ("fintech"), keeping users reined within their own, ever-expanding platforms and absorbing billions in profit that otherwise would have gone to traditional financiers.