No one knows if Amazon will be buying a bank anytime soon, but more and more, it’s becoming a shining example of how banks themselves should be running their businesses.
Banks have embraced the idea that their own customers want new products delivered by new financial startups — the savings and management apps, authentication and security tools and money movement capabilities — but to truly put the customer experience first (as so many say they do) they should show the customers they’re here to give them what they want. That means instead of collaborating with young startups on building technology, they should make themselves a distribution channel with different financial products — just like Amazon does.
“Amazon opens its platform to hundreds if not thousands of providers of goods and services and makes it available to millions of consumers — they don’t care what you buy or from who as long as you buy it from the Amazon platform,” said Ron Shevlin, director of research at Cornerstone Advisors. “Amazon does have products to sell,” like the Fire TV or the Kindle. “They don’t care if you buy them because they still sell the iPad and everything else.”
It’s probably a little out there for banks. But more and more, changing customer expectations and an increasingly digital world are forcing banks to accept the idea of open banking platforms. But they should also bring that thinking to their actual business model.
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The latest move to pause influencer marketing comes as marketers are not only reconsidering where their ads appear and the kind of content they appear next to, but as they work to figure out how they can better support Black creators and Black-owned businesses following the Black Lives Matter (BLM) protests.
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As Facebook boycott continues, here’s a look at what major marketers were spending on Facebook and Instagram
To get a sense of how much advertisers are pulling back from Facebook, Digiday reached out to ad-tracking firm Pathmatics. The company provided estimates for how much advertisers spent on the platform during July 2019 as well as from July 2019 to 2020.
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Agency employees and execs say agencies need to do more than make statements to be better for Black employees.
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SponsoredFour ways to adapt to the changing publisher ecosystem in 2020
By Neal Sinno, general manager Americas at GeoEdge For marketers, 2020 started out with so much promise — but this changed rapidly as the industry faced a global epidemic head-on. Not only did our own daily routines come to a screeching halt, for many of us our professional lives did as well. Almost as quickly […]
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Media buyers say that supply chain hiccups have caused them to pause or significantly reduce media spending anywhere from two weeks to five weeks for some DTC brands low on product inventory.
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Beyond remote work: Bringing serendipity back to the office
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