Magazine : Archives : 4th Quarter 2014

Sizing Up the Nonbank Threat

“The world needs banking but it doesn’t necessarily need bankers.”– Microsoft Founder Bill Gates Does the average consumer really need a traditional bank nowadays? Bill Gates didn’t think so when he made that statement back in the 1990s as Microsoft Inc. was pushing into the home banking market with its Money software program, and he’s even more right today. A brokerage firm or mutual fund company can manage your IRA. You can get a home loan from a mortgage company or credit union. An airline company would be happy to give you a rewards credit card. Technology giant Apple Inc....