Adam Morallee, Partner at Mishcon de Reya, speaks about the idea of Facebook becoming a bank: The Facebook Bank. The banking sector needed to be connecting with their consumers better to mitigate the risk of this happening.
Particularly in the mobile space, Adam believes that the bricks and mortar banks which are household names need to start communicating with consumers and potential customers about the benefits they can bring. If they don’t do this the digital world will take over and their will be a revolution of the banking sector like we have seen in the music industry, amongst others. The ramifications of this could be disastrous for the likes of HSBC, Barclays and Lloyds.