What If You Could Bank With Amazon? #fintech

Last time I wrote about how we could innovate with the credit card products.

This, and years of tolerating the awful banking experience which is Halifax/ Lloyds bank, made me think – what would the bank of my dream look like? And it came to me instantly – the Amazon bank.

Yes, as an avid user (Amazon woman? :)) I am biased. But still, think about it – what if you could bank with Amazon, or your bank could be more like Amazon?

Mind boggles!

If I had a credit card with the Amazon bank, I would expect a hi tech, personalised, no friction experience I get on Amazon. But what exactly would be different?

1) I would always know I’d get the best price and value – I would not need to research which bank offers better product. Amazon constantly price checks against alternatives and offers me the best value product.

2) I would have a credit card which would allow me to do what’s normally only possible with debit cards. I would be able to track spend real time, I would always know the split of spend by categories (on a granular level), I would be able to easily plan spend, eg set myself weekly spend limits – it would all make sense. Oh, and I would not really need the physical card, I would be able to pay with Amazon on all top online shops without even remembering my card number.

3) Online banking UX would be heavenly – simplified, streamlined, seamless. I would be able to email/ live chat Amazon Bank Customer Service, not that I’d need to though – I would be able to find all answers online and the product would be so straightforward that I would rarely have any questions in the first place.

4) I would have a Wish List in my online banking and browser, so I could easily bookmark (and plan for financially!) things I want to buy. In fact, because Amazon knows my shopping history, they’d help me save by informing me on the latest offers on products I usually buy and helping me save for bigger purchases.

5) My bank would truly know me – my communications, shopping and spending/ saving preferences and based on this data would offer me real time, relevant, valuable advice without pestering me for products I don’t need in order to drive profits which seem to be the only goal of the high street banks.

What else do you think would a bank like that offer you? Would you not love to bank with someone like this?.

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About lolkin

the nomad of the Universe, sailing through the unknown, learning to be happy and give happiness back
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