Lindsay Davis: Amazon Bank Building
on Monday, October 1, 2018Lindsay Davis Money Quote saying Amazon wants more people to have access to buying amazon products, so the’ve built a bank to provide financial services to Amazon customers. Lindsay Davis said:
“Amazon is not building a bank by the traditional definition, Amazon is building financial services products to increase participation in the Amazon ecosystem. Amazon is building a bank for Amazon, and that may be even more compelling than launching a traditional deposit-holding bank.” — Lindsay Davis
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In this quote, Lindsay Davis is analyzing Amazon’s move into financial services. She notes that while Amazon may not be establishing a bank in the traditional sense of taking deposits, they are developing financial products to better integrate customers into spending within their ecosystem.
Davis suggests Amazon’s goal is to create banking-like functionality primarily focused on facilitating Amazon transactions, rather than becoming a standalone retail bank.
The overall interpretation is that Amazon aims to leverage financial tools to strengthen loyalty and spending on its platform above all else, making its banking ambitions more inwardly directed at retaining customers rather than outwardly serving a broad consumer base like a high street bank.