Amazon.com Inc.’s potential move to Long Island City lays the foundation for the Seattle-based e-commerce giant to enter into — and dominate — the financial services sector, including real estate, wealth management and brokerage.
That’s according to real estate pro Janine Yorio, co-founder and CEO of Compound Asset Management, a New York City-based real estate technology company.
“I don’t know for sure whether it will help or hurt the city, but it will certainly shake things up,” she told me. “Amazon has mentioned a few times in the past that they’re interested in getting into the banking and financial services industries, and [New York City] is the global financial services capital.”
She’s right. Amazon (NASDAQ: AMZN) has been known to eat into bank revenues by making small-business loans, finding ways to cut into banks’ swipe-fee revenue, and competing against prepaid card issuers.
“I wouldn’t be surprised if in five years, we all had some kind of Amazon payment platform…Read the full story from the Washington Business Journal.