"Once you become a bank in any sense of the word, there are so many restrictions on what you can do as a business that it becomes really tricky," McWilliams said while she was in Columbus last week.
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Still, the threat posed by Amazon or any other large company interesting in getting into the banking business may be overstated, said Jelena McWilliams, chairman of the Federal Deposit Insurance Corp. "That's probably disconcerting for (bankers)," Clapp said.Īmazon has the potential to siphon off the best of the small-business loans and home-equity loans that are key profit sources of banks, he said. Now there is the tech-savvy company with millions of customers used to shopping at any time from anywhere, he said.
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Banks knew exactly when and where their competitors operated. Historically, if most banks wanted to know who their competitors were, all they had to do was go down the street from any office and see where other banks had set up shop, Clapp said.
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If they want to disrupt, they can go full force," said Bruce Clapp, president of Market Match, a Dayton-based financial-marketing company. "The challenge of Amazon is they have the resources and staying power. Nearly two-thirds of Amazon Prime customers say they would be willing to try a free, online checking account with 2 percent cashback on Amazon purchases, according to a survey last year by consulting firm Bain & Co. It could, for example, strike a deal with Quicken Loans for mortgages or enter into a partnership with JPMorgan Chase & Co. Bank and Huntington.įifth Third Bank has about 1,200 offices in 10 states.Īmazon doesn't even need to become an actual bank to cause trouble for banks, Carmichael said. Statewide, it is third with a 13.9 percent share, trailing U.S. In Fifth Third's hometown, Carmichael has seen the pressure that's been put on Kroger after Amazon bought Whole Foods to make a splash in the grocery business.įifth Third Bank ranked fourth in central Ohio with a 7.96 percent share of deposits as of June 30, trailing Huntington, Chase and PNC Bank, according to Federal Deposit Insurance Corp. Get the news delivered to your inbox: Sign up for our morning and afternoon newsletters Companies like Amazon, because of the large customer base they have, they have the ability to target and hit customers quickly," Carmichael, the top executive of Cincinnati-based Fifth Third Bank, told The Dispatch in an interview last week.Īmazon already makes loans to small businesses and has gotten into the prepaid card business. The internet giant, which has already upset traditional retailing, grocery stores and other businesses, now may have its eye on pushing deeper into the banking business, creating what would be a giant competitor for the nation's banks. 30-day money back guarantee (/support) or change your plan at any time.Add Amazon to the list of things that keeps Greg Carmichael, CEO of one Ohio's biggest banks, on edge these days. You’ll always have full access to, and full ownership of your data. Quicken securely transmits your data with robust 256-bit encryption.
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