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Amazon plans to partner with a bank to offer a cobranded, mobile-friendly, checking-account-like product initially targeted to young adults, according to news reports. Bain’s new survey of 6,000 US consumers suggests that Amazon can count on significant demand. Willingness to try such an account is highest among Amazon Prime respondents (who pay an annual fee for such perks as free two-day shipping), but there is strong interest even among non-Prime Amazon customers and people who don’t shop with Amazon. The bank account could become a platform for a whole new range of services for a company that already has enormous reach among America’s most valuable banking customers. Our survey shows that Amazon customers control 75% of US household wealth, with Prime subscribers controlling about 45% of wealth.
Gerard du Toit is a partner with Bain & Company’s Financial Services practice and leads the firm’s banking sector in the Americas. Aaron Cheris is a Bain partner and leads the firm’s Retail practice in the Americas.
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