Amazon Is Getting Into Banking
Dear Friends & Neighbors,
Jeff Bezos, Founder of Amazon and Blue Origin (presented at: WindermereSun.com)
(Please click on red links & note magenta)
During a seminar, hosted by Theano Advisors and Equant Analytics, on disruptive trends in banking, there was much discussion on leading technology companies such as Google, Amazon, Facebook, and Apple (aka ‘GAFAs‘ of the world) present a challenge to the banking sector. The two hosting companies also coined the phrase GAFA-MIA (aka: Google, Amazon, Facebook, Apple-Microsoft, IBM, Alibaba), as masters of technological innovation, have a huge amount of liquidity and are experts in providing services. GAFA-MIA not only redefine the way we buy, sell, and live our lives;they also pose a tremendous threat to the banking sector, and increasingly, the trade finance space.
Amazon already sells branded credit cards (issued by Chase) which offer cash advances at a variable rate and offers Amazon Pay, which is set to roll out at the company’s cashierless convenience stores, and potentially, Whole Foods locations. At the moment, it’s unclear what an Amazon debit account would look like, or how much of its consumers’ data will be shared with other businesses. The ability to gather data on spending habits of the young and unbanked would be valuable to Amazon as a means to circumvent the fees it pays to payment processors and banks.
According to the study by Bain & Company, Amazon’s banking services could grow to more than 70 million U.S. consumer relationships in about five year period, rivaling Wells Fargo, and one-quarter of those using voice assistants such as Amazon’s Alexa would consider using them for everyday banking.
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