Amazon started as online book store and has grown to be the worlds largest online retailer.
Two Thirds of Prime subscribers would use an Amazon Bank
Two thirds of subscribers to Amazon Prime would use an Amazon Bank, according to a survey of American consumers undertaken by Bain. The question asked in the survey of 6,000 people in the USA was: If Amazon launched a free online bank account that came with 2 percent cash back on all Amazon.com purchases, would you sign up to try it?
43% of Prime non-subscribers would use an Amazon bank account while only 37% of people who don’t shop on Amazon said the same.
In part, one of the attractions for Prime subscribers is the high level of trust and service expectations they have come to expect from the company and that has been engendered by the Prime experience.
The big banks have absolutely woken up to this threat. They’re very focused on Amazon-proofing their business because they recognize that it’s big tech, not the other banks or fin-tech startups, that’s the real competition. Tech firms are the ones setting expectations for what a great customer experience looks like.
– Gerard du Toit, Bain
Of particular note is the fact that those who would be willing to bank with Amazon, the most positive were younger and more affluent than the average. Just shy of 70% of those aged 18-to-34 would use an Amazon account. Only 50% aged 35 to 54 years old and less than 40% older than 55 said the same.
Trust in the Amazon brand is high and, as we reported last week, in the USA 84% of people with Amazon Prime would welcome healthcare services from Amazon.
There doesn’t seem to be anywhere that Amazon isn’t willing to go if it thinks that it can improve the experience and make money. Would you use an Amazon Bank?
Shopping, healthcare, banking, transport/logistics, TV/video games … what next? Amazon dating? Possibly I could have an Amazon robot wife? Getting a bit much though.
To be honest it seems a bit much… like we are about to become a part of a Black Mirrors episode. Blind trust in big brand was never very safe and now it’s becoming scary.