In a Financial Times article, Francisco González, CEO of Spanish and international bank BBVA, explained why banks must become part of what he calls the BIT industry (banking, information, and technology): “Some bankers and analysts think that Google, Facebook, Amazon, or the like will not fully enter a highly regulated, low-margin business such as banking. I disagree. What is more, I think banks that are not prepared for such new competitors face certain death.”10
