Amazon Could Gain $100 Billion in Deposits By Offering a Checking Account

Much has been written about Amazon’s foray into financial services; a new survey shows that 3 in 10 consumers say they would open an Amazon checking account if it was offered by the e-commerce giant; this could represent as much as $100 billion in deposits; but the author believes this is not going to happen because consumers never do what they say and that Amazon probably doesn’t want to offer its own checking account; more likely is that Amazon will become a distribution channel for banks. Source.

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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