Been a lot of focus on Amazon's insurance ambitions recently so doubly relevant to consider banking as a target market.
"Asheet Mehta with the global banking practice at McKinsey, one of the world’s most respected consulting firms, explained in an interview with Business Insider that Amazon’s stock trades on the company’s future growth potential, not it’s current market value, which is why Amazon needs to continually move into adjacent markets.
“Amazon is under pressure to keep increasing revenue, and financial services is a large pool they can go after,”.
Jeffry Pilcher, CEO/President & Publisher of The Financial Brand Jan 2nd 2018
Combining its AWS PaaS capabilities with retail and payment expertise to deliver banking and/or insurance at the expense of incumbent analogue banks and insurers is a real threat.
Probably more so than Google which is more focused on driving business to its own platform e.g. offering open source Kubernetes as the potential de facto orchestration layer for containers.
Which would consumers trust more? Major Banks and Insurers or Amazon? Food for thought.
It seems like there’s nothing Amazon can’t do these days. They’ve moved into the cloud with web storage and computing services. They’ve launched music and video streaming services. And they’ve even taken on old-fashioned brick-and-mortar retailing. In June 2017, Amazon announced they were buying upscale grocer Whole Foods. According to reports, they are also looking at getting into the pharmaceutical and home furnishing industries as well. This has many wondering if Amazon’s appetite knows no bounds. Is there anything they aren’t planning on taking over, including banking? Probably not.
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