3 in 10 consumers interested in Amazon checking account

A notable minority of consumers would be interested in opening a banking account with Amazon if it were possible to do so.

Nearly one third (30 percent) of consumers would be willing to open an Amazon bank account, according to the 2017 survey, Defining Loyalty in Financial Services: Key Drivers, by Phoenix Synergistics, a provider of multisponsor marketing research for the financial services industry.

In fact, 15 percent of the survey's 1,500-plus adult participants said they would be "extremely" likely to open an Amazon banking account. Consumers 18–34 years old were most likely to respond positively to this possibility, Phoenix Synergistics said in a press release.

"There is a great deal of discussion about the 'Amazon Effect' on banking and other industries," Phoenix Synergistics CEO William H. McCracken said in the release. "Now, it has been reported that Amazon is currently kicking around the idea of offering a checking-like product to its customers — particularly younger consumers and those without checking accounts. Traditional financial institutions should take heed and prepare for more incursions on their turf by building loyalty and anchoring relationships with their current customers."

Topics: Bank / Credit Union, Trends / Statistics

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