This is an interesting blog relating to the digital transformation of financial services.

The following is copied from the blog of Flybits.com

Then there are the companies that dominate certain industries but don’t own relevant equipment or material, yet they hold an outsized influence on our behaviors:

Facebook is the largest media owner, creates no content but has captured consumer attention. According to Accenture, consumers spend 50 minutes a day on their platforms.

Skype and WeChat are the largest phone companies, but own no telco infrastructure

Netflix is the largest movie house but doesn’t own cinemas

Uber is the largest taxi company but owns no taxis

AirBnB, the largest accommodation provider, owns no real estate

What these companies have done is capture the largest market share of their respective industries and heighten consumers’ expectations of personalized, best-in-class interactions and services.

Read more, from a business involved in the sector: