An Open Letter To Amazon: You, Too, Can be a Financial Health Company

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You could be doing so much more to disrupt financial services in ways that strengthen the financial health of your customers, tying them even more tightly to Amazon and giving them a reason to trust you in the face of the growing tech backlash.

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Don’t get me wrong. By all measures, the new card you are offering in partnership with Synchrony Financial appears to be best in class, and it’s a great example of how you can afford to shift the economics of banking in ways that can benefit mass-market consumers. Plus, the card should help you engage with more middle- and lower-income shoppers and give them a reason to sign up for a Prime subscription, your holy grail of growth. You already offer a cheaper Prime membership for low-income government benefit recipients and a month-to-month version. A secured card that can only be used to make purchases on Amazon is a nice complement.

 

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