A Bain survey of 6,000 people has produced results that should make traditional banks worry. A full 65% of Amazon Prime customers would be willing to try a free online bank account offered by Amazon. And even 37% of people who don’t shop on Amazon would be willing to try banking services from them. The news should worry traditional banks as Amazon has shown it’s not scared of entering new markets–just look at Whole Foods. As the report states:
Our survey suggests that Amazon can count on significant demand for basic banking services. Among Amazon Prime respondents (who pay an annual fee for such perks as free two-day shipping), 65% say they would try a free online bank account offered by Amazon, with 2% cash back on Amazon purchases, similar to the company’s cobranded credit card. Of Amazon customers who aren’t Prime members, 43% would try such an account. Even among people who don’t use Amazon for e-commerce purchases today, 37% would try it.
The survey’s results come after it was reported in March that Amazon is looking to partner with banks, including Capital One or JPMorgan Chase and to create a checking account-like product. If it does so–or if it becomes a bank in and of itself–traditional banks could see a hit. Bain’s survey also found that consumers give Amazon a Net Promoter Score of 47, which is much higher than the average score of 31 for regional banks and the average score of 18 for national banks.
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