Amazon, Google Forays Into Banking Seen as Threat by RBC’s CEO

Royal Bank of Canada’s Dave McKay is feeling the bite of the FANGs.

The lender’s chief executive officer told investors March 12 that he’s increasingly worried about the so-called FANG companies -- Facebook Inc., Amazon.com Inc., Netflix Inc. and Google parent Alphabet Inc. -- getting into banking. The companies are already inserting themselves between the bank and its customers as people increasingly turn to the technology giants when shopping for financial services, McKay said.

“They are getting between us and the moments of truth of our customers, and currently what they do with that is they sell that insight back ...