Why Amazon is so compelling?

Tuesday, April 04, 2017 Francisco Carneiro 0 Comments

TAGS: ECONOMICS

People are embracing mobile “at extraordinary speed”, says Stephen Bird, chief executive of Citigroup’s global consumer bank, which has pared its US network to half a dozen core cities where it has a high share of deposits. “We believe the model of the future must be predominantly digital with a lean footprint.”

But banks cannot do away with bricks and mortar entirely, as the best channel for picking up new depositors remains the humble branch. That is why some are retooling their branches as centres for advice, removing transactional staff completely — like BofA — or upgrading tellers to financial advisers.Capital One, for example, has opened 18 branches masquerading as coffee shops, where young “ambassadors” clad in J Crew-style jeans and navy blazers offer no-strings consultations — along with a cut-price cup of Peet’s coffee.

Ben McLannahan, FT today

Why Amazon is doing so well?

I think it's not only the size of the offer, the prices and the convenience. It's the advice. Yes in Amazon i read the comments of people that already bought the product and i don't do stupid mistakes so often The advice the sales guy from any organization lacks independence and quality.

Banks can improve the experience by offering open platform but besides that they can offer decent advice. That is the real business. To offer quality advice. The only quality advice must be based on science and hard data and client knowledge (know your client)