'Alexa, Move My Bank Account To Amazon’ For banks, this is a watershed moment. Still, as Bain & Company contributors write in Forbes, traditional financial services firms can stave off incursions by Amazon and other big tech firms. How? By raising their competitive game, moving routine transactions away from costly branch networks, and by making sure they focus on meeting customers’ needs over selling products.
Amazon Checking-Account Plan Sees Banks as Partner, Not Prey On the other hand, Bloomberg Technology posits that Amazon’s proposed move to offer a product similar to a checking account should not be assumed to be an immediate threat to the banking industry, but rather as an attempt to collaborate with it. Either way, it represents yet another means by which Amazon gains visibility into consumers’ lives.
In The Rush Toward A Cashless Society, The Poorest Are At Risk Of Further Exclusion The Huffington Post reports that cashless societies have concerning financial exclusion consequences, and while some fixes have worked in countries such as Kenya, that doesn’t mean they would work in other countries, such as the U.S. What happens to those on the margins of the economy when cashless society promoters remove the freedom to choose cash? Something to consider.
Rethinking Branch Networks And The Retail Experience in a Mobile-First World So are branches here to stay? Or are they on their way out? As The Financial Brand illustrates using Bank of America, Chase and Wells Fargo as examples, the answer is both. It’s complicated because branch transformation helps fund digital transformation, which in-turn better enables branch transformation. And then there’s the “expanded ATM” concept.
Susannah Moore Griffin Corporate Communications Manager