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Buying a bank would only give them access to their own client's data, plus they would be subject to the stringent regulatory requirements of the banking industry. Banks have their faults but data privacy and security is not one of them.
Google and Facebook don't sell data, they sell ads. They take data privacy serious, because that prevents others from having it. They will find a way to use the banking data that complies with the regulations.
If they want most of the banking data, they can give their bank the exposure that makes it the default bank.
Uh huh. I guess that depends on your definition of the word sell. In my view, making money by sharing my ad profile is selling my data. It might not be the raw, unprocessed data, but that doesn't matter. No EU bank would be allowed to sell third-party ads on the web to their customers based on their personal profiles.
They also can't "make their bank the default bank". Unlike the digital world, the banking industry is very well established with lots of competition and money. The big banks have no motive to sell to big tech, and such a big transaction would draw a lot of attention. Anti-American sentiment is high in Europe. Does any bank really want to risk being in the headlines for allowing American tech companies in where regulators explicitly excluded them? Bank runs is how banks collapse.
I agree. My point is that they will find a way to do that with the banking data in the same way that they technically don't share the tracking data.
The next banking crisis will come with a struggling bank that can be bought.
I hope you're wrong but time will tell.