Amazon

Facebook, Apple, Amazon, Netflix and Google garner so much attention that they have their own collective shorthand, FAANG. But it was a mostly different set of companies, including Starbucks and Acorns, that were top of mind this week for their financial services moves.

The cashierless Amazon Go store is barely more than an experiment — it's live in only one location in Seattle, with plans for a handful of stores to follow this year — but it has already sparked a race to put similar models in place.

Banks will need to evolve further and faster to reach consumers in an interconnected, always online world, according to industry leaders.

Following the path paved by the checkout-free Amazon Go concept, the newly merged Albertsons and Rite Aid are developing their own technologies for faster and more efficient checkouts.

Bank of America says its artificial-intelligence assistant isn't likely to listen in on private conversations the way Amazon.com's Alexa did last month.

Retailers often try to counter Amazon's dominance by using the e-commerce giant's strengths against it, including its reliance on search engine optimization.

For voice to truly thrive in business and enterprise settings, the technology must handle complicated transactions, such as an order for multiple sets of tables and chairs with customized dimensions, writes Mark Bartlett, chief experience officer at FPX.

It's vital to be in touch with consumer shopping and payment tastes for individual retail categories and consumer groups. That may or may not include removing cash and human interaction, according to Andrew Wind, principal product manager at Worldpay.

As alternative apps and fintechs make progress on mobile payments and digital finance, banks will need to turn to third parties and partnerships to stay relevant, writes Paul Wilmore, chief marketing officer of Barclays U.S. consumer business.

For Whole Foods, the potential to tap into the sheer volume of new customers via the Amazon Prime premium loyalty program is unprecedented, writes Tom Caporaso, CEO of Clarus Commerce.