II From payments to lending to insurance tochecking accounts, Amazon is attackingfnancial services from every angle withoutapplying to be a conventional bank. In thisreport, we break down everything we knowabout Amazon’s foray into fnancial services,and where it’s rumored to be looking next. Last February, Andreessen Horowitz general partner Alex Rampellsaid that of all the tech giants that could make a major move infnancial services: “Amazon is the most formidable. If Amazon can get you lower-debt payments or give you a bank account, you’ll buy more stuff on Amazon.” While the buzz that Amazon will take the plunge into bankingseems to get louder each year, it’s important to frst understandAmazon’s existing strategy in fnancial services — what Amazonhas launched and built, where the company is investing, and whatrecent products tell us about Amazon’s future ambitions.Based on our fndings, it’s hard to claim that Amazon is buildingthe next-generation bank. But it’s clear that the company remains very focused on building fnancial services products that support its core strategic goal: increasing participation in the Amazon ecosystem.III As a result, the company has built and launched tools that aim to: 1Increase the number of merchants on Amazon, and enableeach merchant to sell more. 2Increase the number of customers on Amazon, and enableeach customer to spend more. 3Continue to reduce any buying/selling friction. In parallel, Amazon has made several fntech investments, mostly focused on international markets (India and Mexico,among others) where partners can help serve Amazon’score strategic goal.In aggregate, these product development and investmentdecisions reveal that Amazon isn’t building a traditional bankthat serves everyone. Instead, Amazon has taken the corecomponents of a modern banking experience and tweaked themto suit Amazon customers (both merchants and consumers).In a sense, Amazon is building a bank for itself — and that maybe an even more compelling development than the companylaunching a deposit-holding bank.This report is a collection of everything we know about Amazon’sforay into banking, fnancial services, and fntech. We will beupdating this brief on an ongoing basis as more relevant data,investments, news, and products are released. IV Amazon’s product strategy·Payments·Cash·Lending·Amazon’s Next Financial Pillar Market strategy outside the US·India·Mexico Rumors: What will Amazon do next Closing thoughts 1 Table of contents 2 3 4 。。。。。。