The main problem is that Amazon's Alexa, Apple’s Siri and Google Assistant can’t yet verify a person’s identity. But there are already workarounds for that issue — and the tech giants may solve it soon.
The online giant has succeeded in disrupting every area of retail, but in banking it faces a high barrier to entry and fierce determination from banks like Citizens Financial and Bank of the West to keep upping their games.
Amazon.com is planning to offer a credit card to U.S. small-business customers, furthering its push to supply companies with everything from reams of paper to factory parts, according to people with knowledge of the matter.
Democratic infighting over a bill to curb the reach of the Dodd-Frank Act dominated discussion this past week, but Amazon still made waves in its disruptor role. Also: Our 'Best Fintechs to Work For' debuted.
With a foray into financial services, Amazon.com could disrupt the decades-old card payments system, a move that some say could save the retailer $250 million a year in swipe fees.
Readers opine on the possibility of an Amazon-JPMorgan Chase checking partnership, weigh in on the Crapo bill, applaud plans that would make the CFPB more of a backup regulator and more.
Disruptors would get a powerful new competitor if Amazon began offering checking accounts, but such a move would also validate the notion that fintechs are the future.
As with most of the company's inventions, an Amazon checking account would more deeply embed customers into an Amazon ecosystem that provides an endless flow of data and efficiencies.
