Amazon Bank, They’re Trying Out The Money Business
Amazon already basically owns the retail market, and now they’re trying to get into managing your money, too. Get all the details here.
By nowproducerdave on March 6, 2018
Amazon is quickly becoming the real-life “Buy n Large” from the Pixar animated movies, in that you can get anything and everything from their stores. They’re buying up other stores, including Audible, Zappos, Whole Foods, Ring, and a whole collection of others. According to what they’re working on now, their latest venture will include a sort of Amazon Bank. What else could Amazon possibly get involved with? Groceries, home goods, clothing, electronics, and now banking. What’s left?
To expand on the details of what they’re planning, it doesn’t appear that they want to start from scratch and start opening up some banking branches and buildings; they’re actually working with established banks already in-place, and planning to offer Amazon-branded accounts within those banks. Amazon already works with Chase on their Prime credit card, so it will probably be a similar situation with that. They’re shopping around with different bank “companies” to see who will offer what sort of benefits and terms. The idea is that Amazon can partner with (or buy) other stores, and offer their own Prime benefits attached to that store in the same way they’re doing with Whole Foods, which the feel would also guarantee more Prime members going into actual stores rather than just shopping online.
They say this is more marketed to the younger users of Amazon, since people who are already members of a bank probably wouldn’t go through the effort of switching banks and changing everything around just for this, and younger customers also would potentially mean higher loyalty, as well as more people signing up for Prime. Is switching to a branded and benefited Amazon bank account something you’d consider, or is the value of what they offer not worth the switch? Check out more details about what the plan seems to be, and why they’re not opening an actual, stand-alone bank here.