How retailers are growing their financial services capabilities

Amazon isn’t the only retailer encroaching on the financial services space. It may be the scariest — just the rumor of it entering a company’s space will send its stock price down — but ultimately, Amazon only cares about getting more buyers and more sellers to join its platform.

Overstock’s Raj Karkara, vp of loyalty and financial services, echoed that sentiment earlier this year, saying that offering financial services or connecting customers with financial services providers is a natural extension of its retail function of buying and selling consumer goods.

“Our goal is to bring products to market faster,” Karkara said. “We want to expand the customer relationship as much and as fast as we can.”

It’s obvious that banks need to borrow from retailers when creating customer experiences whether it’s in the branch, the mobile app or even the payments. But while retailers are already ahead on digital experiences, many from CVS to 7-Eleven to some of the largest e-commerce platforms in the world are also borrowing from banks to improve their own customer relationships.

Here are three major retail companies beyond Amazon or Alibaba that are growing their financial services offerings.

Read the full story on tearsheet.co

https://digiday.com/?p=281794

More in Marketing

Why — and how — ESL/FACEIT Group is spinning up its own esports streaming platform

Esports companies are still trying to figure out how to make competitive gaming profitable, and it’s encouraging news for a major league operator to dip its toes into the livestreaming game in order to more effectively monetize its core product. But EFG’s announcement also raises questions about the technology powering the venture. 

Person gaming

Candy giant Butterfinger doubles down on gaming with streamers and creators to reach younger audiences

Candy brand Butterfinger is making a bigger bet on gaming, increasing its media spend this year on gaming creators and streamers to boost brand awareness with younger shoppers.

Amazon wants a bigger slice of the DSP ad tech market

Over the last year or so, ad execs have noted how much Amazon’s ad tech has changed to become omnichannel in nature — i.e. more of a competitor to the two largest DSPs: The Trade Desk and Google’s DV360.