The traditional entities of the banking sector have many more challenges ahead than regulation, stress tests, the rise in rates or the phenomenon of bitcoins. The banks are facing the technological giants of Silicon Valley, which have turned the disruption of industries into their business model. In this scenario, the financial firms have started a race in search of alliances that will prevent them from facing, at least for the moment, a new competition of unknown dimensions.
After revolutionizing the distribution sector and altering markets such as the pharmaceutical and insurance industry, Amazon is now considering the opening of current accounts linked to its products. Among the banks that negotiate with Amazon, JPMorgan stands out, the largest financial institution in the country and the world, and Capital One, one of the largest users of the cloud computing business of the company of Jeff Bezos. Amazon already has an agreement with JPMorgan for the creation of a medical insurer that serves its own employees.
The conversations focus on the launch of products similar to a current account that the company could offer its consumers, especially young people and those who do not have a traditional bank account. In this case, Amazon would become more a partner of banks than a rival. Amazon’s goal would be to reduce the fees it pays banks in transactions, while financial firms would benefit from the showcase of accessing the millions of consumers Amazon has around the world.
For its part, Apple and Goldman Sachs have been working on the launch of a credit card for the first time next year. The card, whose details have not yet transcended, would carry the Apple Pay brand and, according to experts, would open the way to the total incursion of technology companies in the financial sector. For Goldman Sachs, it would be an opportunity to grow in the retail market. For its part, Apple would reduce its dependence on the iPhone, which accounts for more than 80% of its revenue.