{"id":57994,"date":"2018-08-10T00:00:00","date_gmt":"2018-08-09T22:00:00","guid":{"rendered":"https:\/\/richardvanhooijdonk.com\/blog\/advancing-into-extended-financial-services-where-banks-fail-amazon-delivers\/"},"modified":"2021-07-27T14:49:50","modified_gmt":"2021-07-27T12:49:50","slug":"advancing-into-extended-financial-services-where-banks-fail-amazon-delivers","status":"publish","type":"post","link":"https:\/\/blog.richardvanhooijdonk.com\/en\/advancing-into-extended-financial-services-where-banks-fail-amazon-delivers\/","title":{"rendered":"Advancing into extended financial services &#8211; where banks fail, Amazon delivers"},"content":{"rendered":"<ul class=\"bold-list\">\n<li>Do you have a bank account? A <em>what<\/em>?<\/li>\n<li>Amazon\u2019s partnership with the major players in the financial sector is a well-thought-out business move<\/li>\n<li>Extended financial services: where banks fail, Amazon delivers<\/li>\n<li>First steps into the real world: shop in-store with your Amazon Pay account<\/li>\n<\/ul>\n<p>Amazon is the king of online retail. Always a step ahead, with both feet on the ground, this e-commerce giant seems to know all the right moves, ensuring it keeps that crown firmly on its head. Amazon has won that throne through continuous efforts to enhance customer experience by delivering new tools and services. Attentive response to current trends was and continues to be critical to its success, especially when it seizes opportunities that its competitors dismiss.<\/p>\n<p><iframe title=\"Advancing into extended financial services - where banks fail, Amazon delivers\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/UsQlhW3NOLs?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>Amazon understands what traditional vendors don\u2019t &#8211; the habits and preferences of digital natives. And this new generation of consumers is demanding change. Their affinity for money transfer services like PayPal is encouraging Amazon to expand its financial services and products beyond the bare-boned offerings it now provides. And when a player the size of Amazon decides to make waves in the finance sector \u2013 given that its value is more than the Bank of America and JP Morgan <em>combined<\/em> &#8211; you can bet the industry is watching carefully.<\/p>\n<p>Could this spell the end of traditional banks? Will there come a day when you\u2019ll complete your transactions through the Bank of Amazon? We don\u2019t think so, and it doesn\u2019t look like Amazon intends to compete with traditional institutions. It\u2019s not scared off by the risk; business is risky, too, after all. But banking is accompanied by regulatory limitations that are staggeringly complicated, and if it can monopolise the sweet spot before those regulations kick in, partnering with traditional banks where necessary, these extended financial services might mean a huge pay-day.<\/p>\n<h2>Do you have a bank account? A <em>what<\/em>?<\/h2>\n<p>Amazon is well-aware that younger generations, essentially digital natives, are rethinking traditional habits and services. ATM cards were novelties for their grandparents, and credit cards are more their parents\u2019 kind of thing. They\u2019re looking for mobile payment options, and have as much trust in Amazon or PayPal as Visa or Wells Fargo.<\/p>\n<p><iframe title=\"Amazon Web Services and the Financial Services Industry\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/WT4kafuf_B4?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>Amazon\u2019s been paying close attention, and it\u2019s aware that a lot of young consumers don\u2019t even have a bank account, which makes it difficult for them to shop online. By enabling them to access Amazon\u2019s online marketplace, the king of e-commerce is shopping for a new generation of customer, enabling their emergence rather than waiting for it. That\u2019s why it\u2019s partnering with JP Morgan Chase &amp; Co. and Capital One to explore \u201ca checking-account-like\u201d service. Not a bank account, and thus not subject to the regulations that govern them, Amazon\u2019s looking instead at something like the Sears cards of yore, basically a one-store debit card.<\/p>\n<h2>Amazon\u2019s partnership with the major players in the financial sector is a well-thought-out business move<\/h2>\n<p>Should this worry commercial banks? Not really \u2013 at least not for now. Justin Post, an analyst from Merrill Lynch, reiterated that Amazon\u2019s intention isn\u2019t to shake up the firm ground of the financial sector, but to expand its own e-commerce business on top of it.<\/p>\n<p>\u201cWe think Amazon&#8217;s aim with expanding its financial offering is less about disrupting the financials sector and more about increasing engagement on its own marketplace,&#8221; <a href=\"https:\/\/www.cnbc.com\/2018\/03\/06\/amazons-banking-could-make-it-possible-for-everyone-to-shop-online.html\">says<\/a> Post. &#8220;While there may be some ability for Amazon to reduce the fees it pays to banks and payment processors by creating a closed-loop prepaid debit card type of product, we think that Amazon&#8217;s primary motivation would be to attract younger and underbanked customers that otherwise would find it difficult to shop online.&#8221;<\/p>\n<p>And teaming up with big players in the financial field can help avoid regulatory issues. For instance, <a href=\"https:\/\/www.cnbc.com\/2018\/02\/14\/amazon-and-bank-of-america-partner-for-lending-program-but-growth-has-stalled.html\">partnering<\/a> with Bank of America was a shrewd move since it buffers risk and allows them to \u201caccess capital specifically to provide credit to more merchants so they can acquire inventory\u201d. That\u2019s how you work both ends of e-commerce, increasing revenue by pumping money into your best business partners and capturing that sales boom on your platform at the same time.<\/p>\n<p>In short, Amazon knows that millennials aren\u2019t the only untapped market, and it\u2019s looking to innovative financial services as another way to earn money.<\/p>\n<h2>Extended financial services: where banks fail, Amazon delivers<\/h2>\n<p>Starting a business is painfully difficult, and as many people with good ideas soon discover, an entrepreneurial spirit isn\u2019t enough. The need for significant initial investments drives people toward banks and business loans, but these often deliver nothing more than bitter disappointment. In fact, a whopping <a href=\"https:\/\/www.fundera.com\/blog\/bank-lending-small-businesses-isnt-recovering\">80 per cent<\/a> of those who apply for a bank loan get rejected, stifling small business development. That\u2019s where Amazon sees an opportunity to provide much needed financing. For millions of sellers operating through Amazon, many of whom are small companies, <a href=\"https:\/\/fitsmallbusiness.com\/amazon-lending-alternative-funding-options\/\">Amazon Lending<\/a> could be an answer.<\/p>\n<p>But this service is invitation-only, which means that a loan is given only when Amazon finds a registered Amazon seller to be \u2018a good fit\u2019. In other words, the seller needs to meet certain eligibility requirements, a status that depends on a solid sales history and excellent customer service ratings, among other things. Amazon knows that investing in business conducted through its e-commerce network means increased sales and interest fees, creating profit at both ends of the e-commerce process.<\/p>\n<p>And don\u2019t think Amazon is thinking small business means small-scale. In 2016 alone, Amazon Lending <a href=\"https:\/\/www.cnbc.com\/2018\/02\/14\/amazon-and-bank-of-america-partner-for-lending-program-but-growth-has-stalled.html\">provided<\/a> $1 billion in financing. These are short-term loans with a repayment period of 12 months, and interest rates <a href=\"https:\/\/www.fundera.com\/blog\/amazon-lending\">ranging<\/a> from 6 to 16 per cent. And while this might seem an offer that\u2019s too good to be true, let\u2019s not forget that these businesses can operate only through the Amazon marketplace. So while this is a great option for starters, those with bigger appetites or different visions still need to look to traditional banks.<\/p>\n<h2>First steps into the real world: shop in-store with your Amazon Pay account<\/h2>\n<p>And Amazon knows that brick-and-mortar still matters, even as its being reshaped by online shopping. Millennials love the fast and frictionless payment of e-commerce, and while no one likes to wait line at the bank or stand at the check-outs, these digital natives simply won\u2019t do it. And as e-vendors like PayPal demonstrate, alternatives have already gained their trust by enabling seamless shopping.<\/p>\n<figure id=\"attachment_30513\" aria-describedby=\"caption-attachment-30513\" style=\"width: 800px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-30513 size-full\" src=\"https:\/\/blog.richardvanhooijdonk.com\/wp-content\/uploads\/sites\/4\/2019\/05\/onlineshopping_girlkmlkml.jpg\" alt=\"Girl with laptop and credit card\" width=\"800\" height=\"510\" \/><figcaption id=\"caption-attachment-30513\" class=\"wp-caption-text\">Millennials love the fast and frictionless payment of e-commerce, and while no one likes to wait line at the bank or stand at the check-outs, these digital natives simply won\u2019t do it.<\/figcaption><\/figure>\n<p>That\u2019s something that Amazon recognises, which is why it launched Amazon Pay in 2007. Essentially an alternative to PayPal, Amazon Pay <a href=\"https:\/\/techcrunch.com\/2017\/07\/19\/amazon-pay-places-lets-you-pay-for-real-world-shopping-using-your-amazon-info-starting-with-tgi-fridays-to-go-orders\/\">allows<\/a> online businesses \u201cto add a button on their websites\u2019 checkout pages that let shoppers pay via their Amazon account info\u201d. Charging the same fee as PayPal, it offers the same seamless convenience. And recently, Amazon upgraded the service with a new feature called Amazon Pay Places, looking to gobble up the competition in the real world, too.<\/p>\n<p>Now, Amazon\u2019s threatening its rivals with brick-and-mortar mobile payment options, <a href=\"https:\/\/techcrunch.com\/2017\/07\/19\/amazon-pay-places-lets-you-pay-for-real-world-shopping-using-your-amazon-info-starting-with-tgi-fridays-to-go-orders\/\">partnering<\/a> with the restaurant chain TGI Fridays to enable POS service through the app. That\u2019s the first step into the real world, and if it goes as planned, expect Amazon to roll out more physical options, probably first at Whole Foods, the supermarket chain it bought last August. If these initial experiments pay off, they\u2019ll be the first of many, and we can expect a new payment ecosystem to emerge, potentially challenging Visa, MasterCard, and American Express.<\/p>\n<p>It\u2019s safe to say that by offering bank-like financial services, Amazon is demonstrating its clear-eyed vision. Responding to current (and future) trends by enabling new customers to shop its platform means more revenue, short- and long-term. The financial sector can take a breath and relax for now, because Amazon isn\u2019t planning to join the club. But if that changes, and the e-commerce king decides to accept the regulatory burdens of banking, it\u2019ll likely upset the industry, disrupting the <em>status quo<\/em> there just as it has in retail.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do you have a bank account? A what? Amazon\u2019s partnership with the major players in the financial sector is a well-thought-out business move Extended financial services: where banks fail, Amazon delivers First steps into the real world: shop in-store with your Amazon Pay account Amazon is the king of online retail. Always a step ahead, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":45619,"parent":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[2869],"tags":[4637,4297],"article-type":[],"trends":[5464],"class_list":["post-57994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-bank-en-2","tag-innovation","trends-iot-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Advancing into extended financial services - where banks fail, Amazon delivers - Richard van Hooijdonk Blog<\/title>\n<meta name=\"description\" content=\"Amazon is making waves in the finance sector, and the industry is watching carefully. 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