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?.


About lolkin

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