tinyfav.com April 20, 2018

Amazon mulling checking-account like product with big banks

06 March 2018, 01:47 | Melanie Burgess

Amazon looks to offer checking accounts for customers via JP Morgan, other banks: WSJ

Are You Ready for an Amazon-Branded Checking Account?

JPMorgan Chase is one of the big banks that Amazon is said to be partnering with, a sign of the growing relationship between Bezos and JPMorgan CEO Jamie Dimon following the insurance announcement.

Amazon already teams up with banks to offer different credit cards. A new checking account service would essentially entrench the Seattle-based company even further into the lives of its customers. The retailer would target "young consumers" and people without access to traditional checking accounts, the report says.

What's more, the idea of a new checking account would be welcomed by almost half of Amazon's customers, according to a report published last week.

It's important to note that the venture wouldn't include Amazon's transforming into a bank, The Wall Street Journal noted.

"The Amazon effect is everywhere", says Glazer.

Amazon Alexa Down: Echo's Voice Assistant Not Working Across The US
Instead of relying on a large home device, they expect that Alexa will be able to translate through any smart device. Amazon's Ambition to turn Alexa into a real-time translator seems to be taking a page from Google Assistant.

Edinburgh Airport open but numerous flights cancelled
All trains and buses have finished for the day and remaining flight services at Shannon Airport will finish at 6pm. Aer Lingus had planned to return to full operations in the morning but have now had to cancel over 50 flights.

Australia confirms 2 nationals wounded in Kabul bombing
He described his action as an effort to "save the country" and that he would not "prejudge" any group interested in peace. Amrullah Saleh, a former national intelligence chief, called the President's speech "a total appeasement to the enemy".

The threat for finance is that it's the origination and sales bit of the finance pie that's most profitable; it generates 65% of global banking profits, with an ROE of 20%, according to McKinsey. McKinsey asked previous year, answering that in many cases they could.

Amazon Prime customers tend to be more receptive to financial services from the company, according to a recent survey from LendEDU.

Amazon is also interested in offering accounts to people without bank accounts, the report added.

And JPMorgan Chase, one of the banks Amazon is reportedly in talks with, has clearly been thinking about the Amazon effect for some time.

[Amazon's] more-than $700 billion market value eclipses the combined value of JPMorgan and Bank of America Corp, the two biggest US banks. "You know, that's called competition".

Other News

Trending Now

China lashes out at USA over loosening of Taiwan travel rules
Ministry of Foreign Affairs spokesman Andrew Lee (李憲章) said the ministry is thankful for the support from the U.S. The US Senate passed the Taiwan Travel Act (HR535 Taiwan Travel Act) with no objections Wednesday, February 28.

Lee, Sanders Introduce Resolution that Invokes the War Powers Act
In November 2017 a similar resolution sponsored by Congressman Ro Khanna was passed. The US has backed the Saudi forces with intelligence, ammunition and refueling.

Vikings, others face tough decisions at QB as free agency nears
With a new offensive coordinator in the mix, Zimmer said the team will mold its offensive strategy after making the QB decision. Tom Pelissero of the NFL Network asked Zimmer about the details of Bradford's knee injury before the presser.

Kane Williamson century goes in vain; England take 2-1 lead
Only three England batsmen - Joe Root , Eoin Morgan and Jos Buttler - looked remotely comfortable, in different ways. By losing all wickets in 50 overs England came to a total 234 runs.

Slovakia journalist murder: Seven suspects released by police
She was buried in her wedding gown in a ceremony attended by hundreds of mourners in the northern town of Gregorovce. This is the first killing of a journalist in Slovakia's history.

Diabetes can be divided into five separate types, not two
These findings are based on initial results of ANDIS - a study covering all newly diagnosed diabetics in southern Sweden. Of this, a majority - 39 to 47 per cent - were elderly people with mild diabetes while 18-20 per cent were obese.

Brize Norton Primary school closed after water pipe bursts
A number of water handout points have been set up in London to provide the worst affected people with fresh water. More than 20,000 homes were left with no running water at the weekend after the deep freeze and thaw.

N.Korea denies chemical weapons link
On Friday, North Korea denied a media report claiming that Pyongyang has been providing Syria with materials that can be used to manufacture chemical weapons.

Russian Federation breaching treaties with 'invincible' weapons, submarines
Even with that admission, no action was taken despite the recommendations from the Chairman of the Joint Chiefs General Dempsey. When asked about the USA missile defense system, she said that defense has never been about Russian Federation .

China Ready To Hit Back At US
Chinese Foreign Minister Wang Yi said Saturday that the recent US decision has "no basis", according to local media. Steel producers in Canada, Brazil, Mexico, South Korea and Turkey rely far more heavily on the USA market.