Just imagine that for a second. The very words would send a chill through the board rooms of the big players in the banking world and for challenger banks the game would be more or less over. You can already pay for items via Amazon Pay so why not with an Amazon Bank debit card.
Facebook and Google are also of concern to both legacy and challenger banks so say the World Economic Forum and with fintech already worth some £7bn to the UK, I doubt that they won’t want some of the action. Brazil’s Banco Bradesco letting customers conduct day-to-day banking through the social networking site, whilst this partnership works for both Facebook could just go all out and do banking on their own. Capital One customers can use Alexa to check their account and soon…Starling customers with Google Home will be able to manage their accounts.
Google, Facebook and Amazon are already well-known brands, they won’t have to work on brand awareness. They could as pointed out in the report, pick and choose where they enter the market and which lame duck they did so with.
Technology budgets at UK banks have been rising in response to this. It could even get to the point where legacy banks simply buy a challenger bank.
Amazon Bank anyone.