The idea of an Amazon Bank is getting closer and closer to becoming a reality. The giant of electronic commerce just needs to make the leap, the customer base already has it:
“13 years after the launch, we have exceeded 100 million customers with Prime subscription internationally,”
informed Amazon founder Jeff Bezos , at the beginning of the year in a letter sent to the shareholders of the company.
Americans want a hypothetical Amazon Bank. According to a Bain & Company survey in which 6,000 Americans participated, 65% of Amazon Prime subscribers would be willing to try Amazon’s online Amazon-free bank account that returned 2% of the amount of purchases made at Amazon. platform. For its part, 43% of Amazon users who are not Prime would also be willing to test the account and 37% of people who do not use the virtual platform think the same.
The third largest bank in the United States
Those interested are likely to be able to open an account with the Amazon logo sooner rather than later. This same year The Wall Street Journal launched the bomb: Amazon was negotiating with entities such as Capital One or JP Morgan Chase the possibility of commercializing current accounts.
But collaborating with others is not the same as becoming a bank as such. If an Amazon Bank materialized, it would become a competitor with a huge potential. Gerard du Toit and Aaron Cheris de Bain believe it would become the third largest bank in the United States, according to CNBC statements:
“We could assume that Amazon banking services would grow to more than 70 million US consumers during the following five years or so (the same as Wells Fargo, the third largest bank in the US).”
But the United States is not Spain. Would Amazon Bank succeed in our country? Would we open a current account in GAFA (Google, Amazon, Facebook and Apple)? The reality seems different in Spain. In HelpMyCash.com we have asked 1,032 users if they would be willing to be customers of a bank of one of these technological giants. The data is revealing: 40.4% of respondents say that this type of entity would be afraid of them and that they prefer a traditional bank.
The most daring are left with a supposed Amazon Bank, which would be the entity that would fear less to 23.4% of respondents. Followed by a hypothetical Google Bank (16.5%), Apple Bank (12.6%) and, finally, Facebook Bank (7.2%).
The preferences are maintained if we distinguish by sexes and although they are somewhat more daring, there are no notable differences between men and women with respect to those who would prefer a traditional bank. By ages, things change. As we get older, the new banking proposals give us more fear and we opt for traditional banking.
Only 25.4% of young people between 18 and 25 years old would stay with a traditional bank for fear of becoming a client of a GAFA bank. In the segment from 26 to 35 years, the percentage increases to 31.4%. From 36 to 45 years old, 45.4% prefer a traditional bank, almost the same as those between 56 and 65 years old. From 46 to 55 and from 66 onwards, 50% or more stays with traditional banking for fear of the banks of technological giants.
To the youngest, the entity that would transmit the most confidence would be Google Bank, followed by Amazon Bank and Apple Bank and, far behind, Facebook Bank. Among those who are over 65, Google also wins. In the rest of the segments, Amazon Bank is imposed. Facebook Bank remains in last position in all age groups.
The digital natives, the less fearful
It is not surprising that the youngest are the most inclined to be part of the new fintech adventure that comes to us. After all, these are digital natives, accustomed to operating on the Internet, regulars of this type of platform and who have heard of some of the great banking embarrassments of recent years, such as preferred or floor clauses.
A survey by the LendEDU student lender in which 1,000 Amazon users participated revealed that 38% of them would trust Amazon to manage their finances.
The opening of accounts would be just one more step in the Amazon banking process. The company already offers a good handful of servicesfinancial, although not all are available in all markets in which it operates. We are talking about Amazon Pay, designed to pay for purchases outside the company’s market, Amazon Cash, which is used to recharge the digital supermarket account without a card, or Amazon Lending, through which small companies can obtain financing. It also offers lines of credit and cards.