Amazon’s Muamer Razic On How They Are Helping To Promote Financial Inclusion

Most of us take it for granted that we can open a bank or a credit card. But the truth is, according to the World Bank, close to one-third of adults — 1.7 billion — are still unbanked, and have no access to a transaction account. About half of unbanked people include women in poor households in rural areas or out of the workforce. What can be done and what is being done to promote more financial inclusion? To address this Authority Magazine started a new series about Companies Helping To Promote Financial Inclusion. As part of this series I had the pleasure to interview Muamer Razic.

Muamer Razic is a Product Manager at Amazon with over seven years of experience in technology and financial services. With a focus on Prime Access, Amazon’s discounted Prime membership for select government assistance recipients, Muamer uses his professional and personal experience as a refugee to bring more inclusion and representation to his work — especially for individuals and families who rely on these programs to meet their everyday needs. When he’s not working, Muamer loves spending time with his family and friends.

Thank you so much for doing this with us! Before we dig in, our readers would like to ‘get to know you’. Can you tell us a bit about how you grew up?

Thanks for having me! I’m excited to chat. I grew up in a small Kentucky town, Bowling Green, which is home to nearly 5,000 Bosnian-Americans, many of whom came in the 1990s fleeing the Yugoslav Wars. Growing up here was unique in that while there were challenges to assimilating to US culture, we were lucky to still have a sense of community within our new home. I like to say I was exposed to, and learned from, the best of both worlds: my Bosnian culture/heritage and Southern hospitality.

Is there a particular book that made a significant impact on you? Can you share a story or explain why it resonated with you so much?

“The Alchemist” by Paulo Coelho. It tells the story of Santiago, a shepherd boy who dreams of discovering a treasure and his journey to fulfill his personal legend. To me, this book has a simple and profound message about the importance of following one’s dreams and the transformative power of pursing one’s passions. I related to Santiago’s journey of self-discovery and his quest to find meaning and purpose in his life. As a refugee moving to a new country, having to learn the culture and language, the future can seem daunting; but being able to do something meaningful that helps millions of people every day is amazing. The book encouraged me, and other readers, to follow their hearts and pursue their dreams no matter how difficult the path may seem. It also touches on the universal themes of love, friendship, and the importance of listening to one’s inner guidance. Overall, I loved it because it inspired me to pursue my dreams so I could live a fulfilling life.

Do you have a favorite “Life Lesson Quote”? Do you have a story about how that was relevant in your life or your work?

My favorite is from one of the greatest basketball coaches of all time, John Wooden: “If you are afraid to fail, you will never do the things you are capable of doing.” Yes, failure is often uncomfortable, but this quote continues to inspire me throughout my personal and professional career. There are many times where I’ve made mistakes, but I had to find a way to move forward. Ultimately, if you aren’t willing to make mistakes and push boundaries, then how will you bring about real change?

How do you define “Leadership”? Can you explain what you mean or give an example?

I have a people-first mindset when it comes to Leadership. I believe in not only surrounding yourself with the right people but always considering different viewpoints and unique perspectives. I’ve found this approach invaluable in my career because it’s allowed me to learn from individuals with varying backgrounds and understand how they might perceive a challenge/work towards success for the team.

Ok, thank you for all that. Now let’s move to the main focus of our interview. Let’s start with a basic definition so that all of our readers are on the same page. What exactly is Financial Inclusion?

Let’s do it. So, from my perspective, Financial Inclusion refers to the idea that everyone, regardless of their income or social status, should have access to financial services. This can include things like having a bank account to shop online or having the ability to leverage cash for online transactions. Financial Inclusion is important because it helps people build stability, security, and have access to services that provide daily essentials.

What does it mean to be “unbanked”?

Simply put, being “unbanked” means a person does not use mainstream financial services, such as a checking or savings account.

For the benefit of our readers, can you explain some of the typical reasons why a person might be unbanked? Why can’t they just walk into the local bank and open an account? Why can’t they simply open an account online?

That’s a great question. A person can be unbanked for a variety of reasons, including not having enough funds to meet minimum balance requirements on a bank account or not having the required documentation to open a bank account. Some Prime Access members have even told us they view banks as “necessary evils” because they are often required to do so many basic tasks. Unbanked and underbanked individuals are more likely to rely on alternative financial services like check cashing stores, payday loans, money orders, or even using digital wallets (like Venmo or PayPal) — which can be more expensive and less secure than traditional financial services. In my opinion, being unbanked can make it more difficult for people to save money, make reoccurring payments, or access lines of credit. This can ultimately make it harder to achieve financial stability and security.

Can you tell our readers a bit about your work to promote Financial Inclusion? Without saying names, can you share a story about a person who was helped by your initiative?

One of the things we focus on at Amazon is not letting financial barriers stop people from getting access to our services or purchasing daily essentials. That is why we offer various programs and resources for customers to take advantage of on our Amazon Access hub such as Amazon Layaway and shopping without a debit or credit card using Amazon Cash or Amazon PayCode. Customers with a valid SNAP EBT card in all states, except Alaska, can also use their SNAP funds to order eligible groceries online from Amazon.com, Whole Foods Market, and Amazon Fresh. In the U.S., select government assistance recipients can apply for a Prime Access membership and pay just $6.99 to enjoy every shopping, savings, and entertainment Prime benefit that normally costs $14.99.

This may be obvious to you, but it will be helpful to spell this out. Can you articulate to our readers a few reasons why it is so important for businesses to promote financial inclusion?

First and foremost, it’s the right thing to do. I think there is a social responsibility companies have to promote financial inclusion and focus on how it impacts the societies and communities they serve. Companies should also prioritize improving the customer experience and making it easier for people to use their services without certain financial barriers (e.g. being underbanked) coming into play. Additionally, it’s good for the economy as a whole. When more people have access to goods and services, the flywheel spins and it influences other companies to adopt similar methods that positively impact ALL communities, not just some. Finally, by promoting financial inclusion and offering a range of services, businesses can attract and retain more customers.

Ok. Here is the main question of our discussion. You are an influential business leader. Can you please share your “5 Steps Businesses Should Take To Promote Financial Inclusion.” Kindly share a story or example for each.

This is a great question. From my perspective, business should:

1. Offer a range of products and services that meet the needs of all of their customers, including those with lower incomes or who may be unbanked. This could include things like no- or low-fee accounts, small-dollar/lines of secured credit, or allowing prepaid cards for use online. I’m proud to say Prime Access members have the ability to shop on Amazon with debit and credit cards, cash, and even through Venmo.
2. Make products and services affordable while also being transparent about any restrictions that could impact the customer experience. For Prime Access members, we’re clear that the $6.99/mo. price might be 50% off, but they enjoy the same benefits as members who pay $14.99/mo or $139/yr.
3. Promote financial literacy by providing training to help customers when they need it. This could include things like online classes or one-on-one financial coaching.
4. Work with community organizations or local leaders to promote financial inclusion and address the barriers that prevent some individuals from accessing financial services. Our Amazon Access team does this type of work with several community organizations year-round.
5. Use technology to make products and services more accessible to all customers. For example, creating a seamless online shopping experience — whether a customer is using a traditional desktop computer or a mobile app. This is especially important for people who many not have reliable, convenient transportation to physical locations or don’t own a computer. I believe Amazon is a pioneer in this space — from improving online accessibility for all customers to leveraging technology to improve access to everyday essentials.

You are a person of enormous influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)

It’s difficult for me to identify one specific movement as there are so many ways to make a positive impact. However, one area of significance is solving food insecurity. Providing access to quality food and ensuring people don’t have to worry about where their next meal comes from can have a ripple effect that touches every aspect of a person’s life. I also believe it can help break the cycle of poverty, improve health outcomes, and stimulate economic growth and development. Investing in ways to solve food insecurity can also help to build more inclusive and equitable societies.

I actually feel like I’m helping inspire this movement every day in my work at Amazon. We offer exclusive grocery and food offerings for Prime Access members at no additional cost to their membership — from fast delivery of SNAP-eligible groceries and in-store discounts at Amazon Fresh to a free, one-year Grubhub+ membership trial with unlimited $0 delivery fees. Amazon even donated its logistics network to support food banks and community organizations since the first wave of the pandemic, delivering more than 20 million groceries and pre-packaged meals directly to families, seniors, and school children in communities around the world.

Is there a person in the world, or in the US, with whom you would like to have a private breakfast or lunch, and why? He or she might just see this, especially if we tag them. :-)

You know, one day I hope to have a breakfast or lunch with several people I find influential and inspirational, but someone who is always top of mind is George Clooney. Yes, everyone knows his outstanding work as an actor, but I’ve always been inspired by the amount of time he spends advocating for human rights through the Clooney Foundation and his work with the United Nations World Food Programme to fight hunger. Plus, having the Kentucky connection is pretty neat!

How can our readers further follow your work online?

LinkedIn is the best place to keep in touch with me for news about our teams work on Prime Access, Amazon’s discounted Prime membership for select government assistance recipients. Additionally, anyone who’s interested in learning more about Prime Access can visit amazon.com/primeaccess.

This was very meaningful, thank you so much. We wish you only continued success on your great work!