According to reports, Amazon is looking to partner with JPMorgan Chase, currently in exploratory talks. The aim is to offer bank accounts to the customers of Amazon, which could make them the next big bank! Recent weeks have experienced Amazon going through several acquisitions, most recently being the home security company Ring for a deal of $1 billion. The company is known to explore various business models, as noticed since its introduction of the Amazon Web Services
. The pattern of the company’s moves in expanding its business hands onto different industries is related to its ecosystems, and thusly driving advantages for themselves. This as well ensures the versatility of Amazon’s ecosystems that can touch numerous industries within a given time period! As for its desire to enter the banking industry, there are certain fascinating factors for the market ahead. Firstly, leading banking executives having focused on what other banks are doing may come across troublesome scenarios soon enough. On the other hand, banking executives with a focus on Fintech startups may initially see positives. Although, they too might face issues soon. As per market experts, competitions are to come ‘sideways’ and not based on industries. In fact, competitions rather are based on customer jobs, which takes us to the second point. Following up: secondly, nobody is passionate about banks. Customers are interested in safety and easy access to their money, and that’s just about it. This is where competitions will be concerned on in the coming future, i.e. better providence of financial services will get companies higher ranks in the market. This will as well have a long-term effect, for customers do want to stick to something durable when it comes to the place of money savings and access. Leave your opinions on what you think might ultimately turn out to be regarding your future banking
experience and what do you expect of the same. Can Amazon bring a longitudinal productive revolution in the financial industry should they succeed in establishing their porch early? Stay with us for the next update on Amazon JPMorgan partnering and the former’s entry in the banking industry.
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26 May 2020, 8:23 AM (GMT)