What will happen if Amazon in the banking industry?

According to reports, recently from a growing field of management consultancy Bain & Co., Amazon may have more than 700 thousand customers in the banking sector for five years, if they start to provide interest-free accounts and other financial services.

In order to facilitate the comparison of these figures is a considerable number of customers, banks, and banks.

It is not that the Amazon could eventually reach 700 thousand banks?

Amazon has not officially announced that they will try to with these big banks and provide a free account, but I think the Wall Street Journal news is really, really, Amazon is negotiating, JP Morgan, capital, like other big banks. A bank cooperation. Bain & Co. said, "what can do for Amazon".

Bain & Co. has been close to 135 of consumers in 22 countries saw more than half of the participants said they buy a product in the United States from a technology Financial Services Company. Nearly 3/4 people attended, aged from 18 to 24 survey said that they would from a financial product technology company.

The Amazon Co's technology is considered to be the most reliable design, then Apple, Google. (measurements are performed before November, the Wall Street Journal news). It is worth noting that because a lot of people are still learning or work - no bank account.

Maureen Burns, CO-owner of the Bain & Co. plate and is a leading Financial Services Company, CNNMoney said, many consumers are students more comfortable shopping with credit cards and cash.

However, she believes that these people are a generation to be convinced, he can open a current account at Amazon's profit, because they believe in this company, with Amazon shopping online or in the entire food chain of the free market, Amazon has, like watching movies on the Amazon Prime Minister instant and video.

She said, Amazon will do not need to rely on other accounts of consumer waste of money, because the real bank or ATM not to spend some money of Amazon's position posts, such as hiring staff.

"Amazon can expect young customers of the bank than not. No branch, Amazon can chase young customers free or low cost to the application object. They can also perform continuous trading, "she said.

Burns said assistant equipment sound echo of the Amazon, Google and Apple's homeport key can make a lot of people in the open bank account in your behind the technology company. However, she is still a bit cautious.

Although many customers now feel comfortable with online banking transactions or by telephone, not all the improvement made effective technology to the bank.

"Online chat has never worked. So, don't wear is of course through the transaction will have a virtual assistant work, but you can easily put the daily transactions and pay bills."

However, Burns said that the bank is now entering a difficult situation, they need to work with Amazon and other technology giants. But they also have to be careful. With you, Amazon is a bigger threat to the financial services company startup financial technology of young people.

Is the bank worried about? I think it is necessary. Amazon is fierce and their way of cooperation to get a lot of profit from the transaction. You can't argue with the idea that a bank customer needs of the current numbers, "she warned.

Anyway, maybe sure - CEO Jeffrey Bezos