AMAZON WANTS TO BECOME A BANK.

In UK they launched capability for UK shoppers to pay for products or services using cash by loading money into their Amazon UK account. In US they launched Amazon Cash which operates the same way.

They’ve reported they have made over 3 billion in small business loans since 2011. Amazon lending is made for simple up and coming small businesses to efficiently get a business loans. By becoming a bank they could save over a quarter of a billion dollar in credit card interchange fees.

According to a recent study they could capture more than 70 million US customers if they became a bank, becoming the 3d largest bank in the US. The same report suggests one quarter of Alexa users would utilize the banking platform.

So the question is? Is that a bad thing? They recently announced a partnership with Rocket Loans to do mortgages and they are in talks with JP Morgan regarding partnership for banking activities.

We all agree that Amazon does an incredible job of delivering products. So much so that many retailers like book stores, video stores and retail giants (Sears) are not able to sustain their brick and mortar businesses. Would the same be true for Real Estate and Banking services? Please call me with your loan scenario…before it’s too late.

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