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More than half of US consumers would be willing to buy a financial services product from technology giants like Amazon, Google and Apple. The former of the three could have as many as 70 million customers by 2023.

In a survey of more than 133,000 consumers across 22 countries, Bain & Company also found that three-quarters of 18-24 year-olds are keen to bank with tech giants. The news hammers another nail into the coffin of the “fintechs as disruptors” industry view.

According to Bain & Company, Amazon is the best-positioned firm to succeed in US banking, because of its history of purchases and customer trust. The ecommerce behemoth has the advantage of owning credit card details and being fully-integrated into potential users’ computers, phones and tablets.

“Amazon’s interest in banking is something we’ve anticipated for a while,” said Gerard du Toit, Bain & Company’s head of banking and payments in the Americas.  “Checking and debit accounts are notoriously unprofitable, especially for a fee-free model aimed at younger customers, who often have little money to keep in the account.

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“Most banks don’t relish serving this part of the market.  But Amazon has a number of good reasons to dive in. Its incremental costs to do so will be almost nil and it stands to benefit in ways that go far beyond making money on bank accounts.”

Maintaining a branch and contact centre network accounts for around 40% of the costs for a retail bank in North America, and Amazon completely bypasses this, an customer acquisition problems, due to its established relationship with customers.

“Amazon stands a very good chance of succeeding in banking, by disrupting the industry as it has in retailing,” added du Toit. “Customers indicate ample willingness to buy financial products from technology firms, and Amazon has earned their trust more than most other tech firms. It also possesses all the essential ingredients: digital prowess, a large customer base, an organization skilled at delivering pleasant customer experiences, and ample leeway to extend the brand into banking.”

Read more: Amazon looks into checking accounts with major bank help

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com