First it was books, then it was everything. Amazon is amazing; there’s nothing you cannot find online through the site. And a few years ago Amazon moved further into our homes with its Alexa product, which answers everything you ask and probably reports everything you do.
More recently, Amazon fully enabled itself to provide everything one could need from a grocery store through its acquisition of Whole Foods. Of course, the e-commerce giant is also planning to provide you with all of your prescription needs by entering the online pharmacy services space. Where will it end?
Well, yesterday we learned that Amazon is poised to enter the banking business with plans to provide its millions of customers with Amazon’s version of the checking account. For everyone who’s wondered when Amazon would move into financial services, the day will soon be upon us.
I chuckled when the announcement indicated that Amazon would not become a bank per se, but would partner with one of the big banks like JP Morgan Chase or Capital One to deliver the checking-like service. Beware Jamie Dimon and ilk: you will be letting the fox into the henhouse, given that Amazon’s $700-billion market value eclipses the combined value of JP Morgan and Bank Of America.
Once Amazon provides this new checking account-like service, Jeff Bezos will possess all of your financial information—how much you earn, how much you save, how much you spend, how generous you are in Church, and so forth. The treasure chest of data that will fall into Jeff’s lap with further entrench Amazon into our daily lives. Incredible.