Mike Berinato

About Mike Berinato

Mike Berinato is a vice president in the Financial Services division at Market Strategies International and has more than 17 years of experience helping companies address critical business issues with market research and consulting. His expertise in qualitative and quantitative research enables him to address a breadth of different business challenges and provide clients with the highest level of strategic insight and guidance throughout the research process. Mike specializes in designing and executing research that uncovers and explains the rational and emotional drivers of behavior, including market analysis and segmentation, new product development, messaging and positioning and brand development. At Market Strategies, Mike works on consumer and B2B research with clients in the payments, banking and wealth industries. He holds a master's degree in political science with a concentration in survey research from the University of Connecticut and a bachelor’s degree in history from the University of Massachusetts, Amherst.

Is the Next Big Bank a Bank?

Amazon recently announced that its Amazon Lending service surpassed $1billion in small business loans over the past 12 months.

Wait, Amazon? Small business loans? Amazon isn’t a bank, but that doesn’t seem to matter. And that got me thinking, could Amazon be a bank for consumers, too?

Most likely, yes. Trust is the foundation of any relationship, especially when money is involved. Market Strategies’ financial services market research reveals that half of consumers would trust a company that does not specialize in banking to provide their banking. Of those, 26% would trust Amazon, 22% would trust Apple, 21% would trust Google and a whopping 63% would trust PayPal. Not surprisingly, younger consumers (58% of those 18-34) are even more likely to trust a non-bank to provide their banking.

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