We know from our Koski Research Future of Money Study that American consumers are looking for more integration in their financial lives. When news circulated earlier this year that Amazon was in talks with JPMorgan Chase and other financial institutions to offer checking accounts or checking-like services to Amazon customers, we wanted to know how Americans felt about America’s largest bank and America’s largest retailer linking up. Do Americans want financial integration to extend to linking their bank accounts directly to where they purchase goods online?
Americans are positive on Amazon banking services
Almost two-thirds (63%) of American adults in our Future of Money survey say that their financial information would be used by Amazon to improve their financial well-being (vs. 37% who say it would be used by Amazon to drive greater business to Amazon).
The majority of Americans are generally positive about sharing more information with Amazon
When it comes to privacy and security for sharing financial information, the majority of Americans are also generally positive, though younger generations less so. Two-thirds (66%) of Americans say that they are comfortable with Amazon having more information about them (vs. 34% who say Amazon would have more information than they are comfortable with).
The younger generations are more concerned about their privacy and security. Gen Z and Millennials are significantly more likely to say that Amazon would have more information than they are comfortable with–41% of Gen Z and 43% of Millennials vs. 33% of Gen X and 30% of Boomers. Despite the positivity toward the partnership, Americans don’t necessarily feel their financial information would be secure. Just over half (56%) of Americans say their financial information would be stored securely, and just under half (44%) say their financial information would be at risk for being compromised.
Related: Banks Aren’t Banking on Engagement
Partnership has the potential to appeal to massive audience
We’ve seen in our Future of Money study that the large majority (84%) of Americans would like to manage money from one central online platform where they can see deposits, spending and saving in one place. And, over half (56%) of the Americans in our survey report that they have an Amazon account—over twice as many as report having a JPMorgan Chase or Bank of America account and about as many as use PayPal.
Last year Forbes reported that four out of every $10 spent online in the U.S. is spent on Amazon. The potential in this kind of integration between Amazon and a financial institution is, well, massive.
How will you integrate? Let us help you get the insights you need to stay competitive. Start the conversation. email@example.com
Does Your Money Intention Match Your Money Attention?
The 10 Advantages of Becoming More Emotionally Intelligent
A Tool That Helps Prepare Vets for Civilian Employment
The One Behavior to Make a Difference in the Ability to Impact the Lives of Others
8 Tips for Delivering Your Portfolio Manager Commentaries Faster
Who Are You Serving?
Your To-Do List Won’t Suffer When You Do This Too
How to Budget for the Holidays
2019 Will Be a Pivotal Year for Asset Managers
An Employee Advocacy Program Can Make Your Content Go Viral
Equities16 hours ago
These Oil Stocks Are Ticking Time Bombs
Building Smarter Portfolios17 hours ago
The Market’s Wild Ride
Human Performance17 hours ago
5 Simple Ways to Improve Your Productivity At Work
Equities2 days ago
Bubble, Meet Pin; It’s Just the Beginning of the Downslide
Market Strategist2 days ago
Don’t Be Boxed Into Style Boxes
Development2 days ago
As an Advisor, Are You “The Great Communicator?”
Equities3 days ago
This Is the End of Trump’s Economic Sugar High
Development3 days ago
When You Cannot Think of a Better Way to Market Yourself, Try This…