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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.

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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".



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