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.
More in Marketing
In graphic detail: How AI is going to shape influencer marketing next year
With AI transforming the industry, Digiday has charted how the tech is expected to impact influencer marketing over the next year.
Brands are betting on creators to make their next hit series
Brands are betting (again) on original content, but this time with creators at the helm in hopes to make it stick.
Giant Eagle continues its strategic shift away from convenience stores and toward pharmacies
Giant Eagle rolled out a new business strategy called “Because it Matters” that will define its future growth, with an emphasis on value, improved quality and service, and remodeled stores.