By embarking on financial services, the ride-hailing giant is only imitating other giants like Apple, Facebook and Amazon that have already set foot in the sector. Aware of the danger, the banks began to organize. Uber has done well. Guest of the Money 2020 conference, organized in Las Vegas, the giant of the VTC gave Monday evening to the public what it expected: announcements, novelty. The group has unveiled the contours of Uber Money, its new branch dedicated to financial services, which must develop a "digital wallet". While not much is yet known about Uber Money and its products, the announcement by the group chaired by Dara Khosrowshahi confirms the appetite of tech giants for financial services. The latest industry initiative was the launch of the first Apple credit card in late August. The inventor of the iPhone has partnered with Goldman Sachs and MasterCard to develop a virtual card — and its physical version. It is reserved for iPhone owners only and linked directly to the Wallet application. Amazon, the pioneer This card is an extension of Apple Pay, the mobile payment system embedded in iPhones for five years, which until then was based on "classic" bank cards. Mobile payment has become a "must have" for Gafa. Google has its Google Pay, available on all devices running Android. Facebook is not to be outdone. Alongside the libra cryptocurrency project, in which Uber participates, the social network has set up Calibra and has been developing since the spring a digital wallet of the same name that could be launched in 2020. But the pioneer in the field remains Amazon. In 2002, the retail giant launched its own credit card with JP Morgan. He has since established a joint health insurance company with Berkshire Hathaway and JPMorgan Chase. It is now believed to be planning to develop current account services. For the tech giants, the offensive in financial services makes sense. It is first and foremost a form of diversification that makes it possible to find new growth drivers, but also to retain the customer base. Above all, it is a way to collect data on the users of the services again and again. "Payment-related data is valuable to players like Apple or Amazon. They make it possible to better understand consumers in order to send them adapted and personalized offers," comments Nicolas Croquet, Head of Retail Banking at Capgemini. Threat or opportunity It remains to be seen the extent of the threat that this represents for traditional banks, already jostled by fintechs and neobanks. The brand and financial firepower of these tech giants are a real asset for them.

"Today, the mobile app is an essential channel for a good customer experience in the bank. But who better than gafa can offer fluid and efficient customer journeys on mobile, "says Nicolas Croquet. "Tech giants are marketing champions. They know how to show the value of their solutions," adds Thomas Rocafull, Associate Director at Sia Partners. According to a report published Tuesday by Capgemini, two-thirds of customers who turn to financial products from non-traditional players cite ease of use as a differentiating criterion. "The arrival of Apple and Uber is almost an opportunity for banks because they are forced to improve," said Julien Maldonato, Innovation Consulting Partner at Deloitte. No question for the moment for the tech giants to change into banks. Regulatory constraints and the low profitability of the activity, even more so in a context of low interest rates, are discouraging. But until when?