PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Getting Closer to The Bank of Amazon

By Sarah Grotta
November 9, 2017
in Analysts Coverage
0
2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Banker Worker Welcome Gesture Modern Bank Office Workplace Flat Design Vector Illustration

BloombergTechnology took on the topic that many have been asking:  When does Amazon do to the banking sector what it has done to retail?  This question has been brought up even more frequently of late in light of the comments made by the acting Comptroller of the Currency, Keith A. Noreika, suggesting that the rules that keep retailers like Amazon from providing full banking services need to be reviewed for potential revision:

Tech juggernauts including Amazon, Alphabet Inc.’s Google and Facebook Inc. already are encroaching into turf long dominated by banks, such as facilitating payments or offering loans to small businesses. And they could expand in areas such as consumer credit, trying their hand at the types of personal loans provided by fintech ventures like SoFi and LendingClub.

Although non-chartered, non-financial institutions are getting in deep with payments and lending and financial advice, it is unlikely that full banking capabilities will be allowed without regulatory oversite by the OCC and without some changes made by Congress, something which is far from the current focus for lawmakers:

Still, erasing the divide between deposit-taking banks and commerce would probably require consensus among several U.S. regulators, as well as congressional action, which isn’t likely anytime soon. Even then, tech firms and online retailers might not want to go through the trouble to become full-fledged banks.

 The article also puts some thought around what are the most likely areas Amazon and other non-banks would consider jumping into with or without a formal banking charter including more on the payments front, deposit gathering, small business lending, and corporate loans, all which support their core businesses.

Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group

Read the full story here

 

2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: AmazonBank

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    embedded lending

    Embedded Lending as a Growth Strategy for ISVs—How to Maximize Revenue Potential

    June 18, 2025
    merchant ai

    Merchants Find More Use Cases for AI Amid Risks

    June 17, 2025
    prepaid payroll

    Taking the Check Out of Paycheck: The Role of Prepaid in Payroll

    June 16, 2025
    Banking-as-a-service BaaS

    Remodeling Main Street: How Community Banks Can Leverage the Banking-as-a-Service Paradigm

    June 12, 2025
    How Employee Performance Enhances the Customer Experience

    Three Strategies to Maximize Loyalty in the AI-Driven World 

    June 11, 2025
    PFM tools

    How FIs Are Cutting Through Subscription Clutter with PFM Tools

    June 10, 2025
    child identity theft

    Stranger Danger: Protecting Your Children from Identity Theft

    June 9, 2025
    agentic commerce

    The Agentic Advent: How the Next Iteration of AI is Shaping Commerce

    June 6, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result