A study published by Bain & Company suggests that 65 percent of U.S. Amazon Prime members would try out a banking product from Amazon.

Even 37 percent of U.S. consumers who don’t buy from Amazon would be willing to look at an Amazon bank product.

Previously, reports have linked Amazon with JPMorgan Chase & Co. and other banks about offering a basic banking product.

READ MORE: Amazon in Talks with JPMorgan Chase & Co. About a Banking Product

The prevailing belief is that such a product may attract Millennials who seem to favor staying out of credit card debt and instead prefer debit cards and digital wallets.

“Customers interested in banking with Amazon skew younger and slightly higher income than average (see Figure 3). Those who use only digital direct channels for payment also express more interest than average in Amazon’s entry.”

Bain & Company Study

To serve the younger demographic and the under-banked, Amazon already has expanded its Gift Card service. For practical purposes, it is a digital wallet which consumers can reload with cash at thousands of 7-Eleven and other retail stores.

Amazon Loyalty and Trust

Especially troubling for banks must be that this study also shows that Amazon has earned a greater loyalty a than traditional banks.

While it trails financial services company USAA, it is way ahead in customer loyalty when compared to national and regional banks.

USAA is a perennial loyalty leader as it has a unique customer base in its military community.

The report also mentions that Amazon “has earned a healthy dose of trust, which is critical in financial services. Bain’s survey of US and UK consumers earlier this year ranked Amazon nearly as high as banks for trust with their money.”

With so many rumors about potential expansions by Amazon into other consumer segments, it seems the company is in a good position to attract banking customers should it enter the banking business.

For small business sellers on Amazon, this could be a huge benefit if the retailer ties more customers into its ecosystem with a banking product.

To read the full study, please follow this link here.

What is your thought on Amazon and banking? We’d love to hear from you in the comments section below or over on our Facebook Group for Small Business Online Sellers.

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