…writes Ron Shevlin in this (highly speculative) article from Forbes…
I don’t think I’d trust Amazon with my banking at all personally.
I’ve never received anything over mediocre levels of service from the customer support at best.
I want to know a company can sort stuff out when things go wrong, quickly and competently.
I mentioned about Amazon getting into banking ages ago, when they split all its payment processing into regional and local companies. It would only do that if it was planning something.
They have a credit card, albeit with New Day as the provider, they lend to businesses, they offer loans to customers. All using third parties, they will eventually bring that all in house.
They already do interest free instalments in-house with no credit check. I had a £850 item delivered having only paid a 20% instalment. Quite risky for them to offer that really without any credit agreement.
Most of the Fintech banks use Amazon for server hosting of their products.
Interesting potential for conflicts of interest.
Don’t Netflix use Amazon Web services though?
Amazon are pretty good at keeping their platforms and consumer facing businesses separate.