Bezos Is a Threat to the Financial Industry: Adams

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Dec. 5 (Bloomberg) -- Tim Adams, president & CEO at Institute of International Finance and John Borthwick, CEO at Betaworks, discuss how Amazon CEO Jeff Bezos can disrupt the financial industry on Bloomberg Television’s “Bloomberg Surveillance.”

Let's get a book review.

What did you learn?

Everything he has touched, he changed.

Web services, e-publishing, if you get into financial services space it is certainly worrying because if regulators turn banks into utilities, if that is the case, it pushes innovation invest somewhere else and he will be a guide to seize it and run with it.

The two different worlds.

Is jeff bezos jamie dimon's worst nightmare?

I would consider anyone in that space willing to take technology and do it in a disruptive way and is not burdened by the regulatory regimes being put in place has a distinct advantage to change the system.

Putting on your government had for a moment, what should the government do about this or what could the government do about this to make sure there is a level playing field?

With respect to technology, in some cases it has been a real game changer bringing people into financial services.

Using mobile phones to allow individuals to have access to financial services.

Game changer.

Two .5 million people in this world and not have access to financial services.

Technology and change that.

Regulation should let innovation occur but also allow banks to compete.

Let's not turn them into utilities.

If amazon wants to compete with jamie dimon, let's do it -- efrain if it is a start up -- different whether it is a start up versus amazon?

We ought to let innovation occur.

These massive companies have a really hard time innovating.

We spend a lot of time trying to figure out how a small company can keep innovating.

We have seen this year a company in the form of snapchat go from nothing and today it shares more pictures every day than all of these book and all of instagram.

Amazing.

I clearly see less facebook usage.

Without question.

We are seeing the big companies in order to keep up -- you think of the incumbents, whether your clients, the banks, whether the incumbent technology companies having these startups move as fast as they can actually -- a special seven-our surveillance with tim adams and john borthwick.

Brad stone, his book is out there, winner of the -- winner of the prestigious "financial

This text has been automatically generated. It may not be 100% accurate.

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