It came out recently that Amazon is planning to intervene into online banking itself is primarily to engage customers who would otherwise have felt reluctant or hesitant to shop online. So the basic aim of this move by Amazon is to even engage and encourage that category of audiences who don’t shop online.
Primary Purpose of Amazon’s Big Move
One leading firm at the Wall Street has stated that Amazon’s intervention with online banking is basically aimed to reach out to a wider customer range. This comes in much contrast to the ongoing belief that it is planning to disrupt the finance industry.
Ongoing Development of Online Check-In Account
It was reported earlier that Amazon is planning its online banking strategy off lately. The Wall street journal has reported that Amazon is working on the development of an online check-in account with financial updates for its customers.
Statement from Officials of Bank of America
Official representing the Bank of America has highlighted how this smart move by Amazon will boost the e-sales of the majestic shopping website. The chance of having their own online bank account will give the low-income category buyers and underage buyers to enjoy the perks of online shopping on Amazon. This will definitely break down hurdles for such people who do not have an otherwise bank account.
Analysis by Financial Analyst Justin Post
In further statement by financial market analysis expert Justin Post it has been stated that Amazon is not planning to interfere with the progress of the financial market or halting its progress with such move. In fact, the sole aim of Amazon remains to be to reach out to maximum number of engaged customers and hence, drive an increased number of sales.
Evident Benefit of Amazon’s Big Move
A visible benefit that can be seen through this move by Amazon is a drastic reduction in the bank transaction fees. Whilst the cost of payment to banks will be cut down in the first place – it will also create an increased opportunity for the underage or underbanked population to shop online without facing any ‘payment’ relevant problems.
Amazon’s Continuous Upsurge
This report came out for Amazon when its last stocks closed at 0.9% the previous day. Let’s make it clear at this point that being the number 1 online shopping platform globally, Amazon has only been enjoying an upsurge in its sales and revenue for the past 3 years.
Analysts and experts cite the ‘continuous drive and passion’ of Amazon and its commitment to its users the main reason why its retail sales and customer engagement ratio continues to boost.
