When it comes to online retailers, I think it’s pretty safe to say that Amazon is the biggest by a country mile. Over recent years though the company has been keen to diversify its brand, as all good businesses should. As such it has opened a grocery store, home electronics, and even television programming.
Latest reports, however, have suggested that Amazon has been in discussions with several major banks about opening their own banking division.
In a report via Bains, Amazon has been in discussions with bankers include JP Morgan about opening their own bank. Now, at this point, you might be wondering why they are talking to another bank about opening a bank of their own. Well, put simply if you think that your high-street banks are all individually owned companies, you are very much mistaken. Virgin Money, for example, is a banking company backed by MBNA.
The report, in addition, has indicated that is Amazon does decide to enter the banking sector, it would garner 70 million customers within a very short period of time. Beyond that, people estimate that within 5 years it could be America’s 3rd largest banking company. With such statistics, it’s clear to see why they are giving this some serious consideration.
It’s certainly possible. Given the amount that they make through online sales, having their own backed credit card could spell an insane profits boost for the company. It isn’t of course as if Amazon is struggling for money at the moment and getting into banking would certainly be a costly and risky venture. If they pull it off, however, even I myself might consider giving them a go.
What do you think? Any substance behind this? Would you bank with Amazon? – Let us know in the comments!
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