Amazon Bank


#1

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.


#2

Not if Amazon Bank was anything like Amazon Payments. I cancelled an order that I had paid for using Amazon Payments, and over a year later, the payment is still sat there, marked as “pending”! :roll_eyes:


#3

Amazon and customer service are not two things that I feel go hand in hand. One of the major reasons I wouldn’t give Amazon banking a go if it existed.

Also unlike PayPal when making purchases in dollars Amazon left my bank to convert the cash which resulted in a large non sterling charge for myself. :frowning:


#4

I wouldn’t consider banking with Amazon either. The CS is abysmal.


#5

As for Facebook and Google, I already try to use Facebook as little as I can and I feel they know way too much as it is without being able to see all of my banking and using it for marketing purposes.

I already use some alternative services such as DuckDuckGo and ProtonMail and I’m rather a fan of the both of them to be honest. :slight_smile:


#6

…then don’t purchase anything in Amazon with dollars?

What Amazon site were you using? If Amazon UK…wth…

If US, that is actually a good thing since I want Starling to do the conversion with their cheap Mastercard rates.

On the other hand, they could have made it an option. Like what PayPal did. I’ll never use PayPal conversion rates after discovering Starling.


#7

Some purchases on Twitch require using dollars; also it was never stated it didn’t convert as I was shown both prices in $'s and an estimate in £’s.

I also now have a better solution… Use my Starling card that has no fees. :slight_smile:


#8

Ohhhh Twitch. You could have said that instead of Amazon. Moving on… :slightly_smiling_face:


#9

Well, Amazon is the processor, so… Yeah. :stuck_out_tongue: :wink:


#10

Amazon own Twitch, why is why Amazon are the processor. You now get Twitch Premium included with Amazon Prime in the UK


#11

Yes I knew Amazon owns Twitch. But this doesn’t happen on the original Amazon website, hence the confusion.


#12

I had an 18 month battle with Amazon and their customer service with an out of warranty PlayStation 3. They’re pretty good if your product is within warranty however once that’s over if it’s faulty they don’t want to know. Needless to say after 18 months they backed down and I won :grinning::grinning::grinning::grinning: they still refused to accept any responsibility through :slightly_frowning_face::slightly_frowning_face:


#13

It depends on your settings. You can change your settings on the Amazon site (when logged into your account) to say if you want conversion or not.


#14

I’ve had no issue with customer service from Amazon l really rate them. There again l have a lot of Amazon subscription services so maybe l get special treatment :wink::joy:. Most likely l am lucky.

I think Amazon ‘product strategy’ most recent Whole Foods, Ring is to learn through acquisition as much about a proposition rather than do themselves. I think they would partner and then acquire a fintech offer.

It must be an attractive proposition a retailer also knowing your banking history at a transaction level. The machines would munch happily through that lot.


#15

yeah, so that whenever they decide to kill your account for having returned 2 things in the last 6 months, they get to keep all your music, ebook, videos, and also now all your bank account funds! lol.


#16

So do I, they have always been a pain to deal with for me. I even had one guy repeatedly call me Mrs; despite me explaining the difference in the English language between Mr. and Mrs. :stuck_out_tongue:

Probably just luck of the draw of who answers the phone?


#17

Exactly :wink: