By Duena Blomstrom via Iris.xyz
One of the major themes in my upcoming book “Emotional Banking: Fixing Culture, Leveraging FinTech and Transforming Retail Banks into Brands” is the fact that banks are so far removed from the concept of experience and that of truly investing in consumers’ feelings that they insist to think in terms of “products” not “MoneyMoments” and that intelligent retail brands have an open corridor to leapfrog them in that area should they not change fast.
After banging on for years that Banks need to become Brands before brands decide to become banks, last year I wrote about how Facebook could be the first big brand bank. Now, as I’m sure you’ve read, it’s Amazon’s turn.
This very insightful article by Jim Marous at TheFinancialBrand not only frames it beautifully but brings in the perspective of many great minds and some absolutely hit the nail on the head helping us understand the business model behind it, the value of data, etc.
To me it’s very clear: Amazon is a brand and they will use all that it encompasses – the knowledge, the passion, the vision and use technology to translate these into becoming the most insightful provider of MoneyMoments we’ve had so far.
They won’t worry about “products” – what is the “type” of “account” that enables the experience. That’s what they are getting a banking partner for. So they can focus on enabling their consumer’s life with purchases.
Click here to read the full story on Iris.xyz.