Aside from any online shopping that bankers may do, many banks now use Amazon’s outsourced IT services. Unlike most vendors they rely on, financial institutions would do well to aspire to Amazon’s business model, according to Ron Shevlin, research director for Cornerstone Advisors.
Amazon is the truest example of what Shevlin calls “platformification”—an admittedly “ugly word” that he believes will have a significant impact on the financial services industry.
