Can banks use Amazon's strategy to attract deposits from Gen Z and Millennials?
Checking accounts have become a commoditized product for banks. How can banks unlock a value creating growth engine and protect market share from new competitors such as neobanks? Using the Amazon strategy of bundling products through a subscription service feature might be the answer. Amazon is currently offering a checking account bundled with additional service for a monthly fee. Based on research conducted by Cornerstone Advisors, 37% of young millennials and 46% of old millennials would ditch their current bank to move to amazon. There is a willingness on the part of consumers to pay for…
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