March 5, 2018Blog Posts

Amazon wants to be your bank too?

CBS News:

Amazon was creating with a big vision: to offer every type of product to consumers. That may soon include banking services, as well. Amazon is said to be in talks with large banks such as JPMorgan Chase about creating a checking account-type of service that it would use to target younger customers, according to The Wall Street Journal. Amazon.com didn’t immediately return a request for comment.

If successful, the effort could place Amazon’s services at the financial heart of American households: their cash flow. Some consumers may not consider an Amazon checking account to be so different from another service already offered by the retail company — its Amazon-branded credit cards. Its combination of a huge customer base and its massive amount of data on spending habits could make it a fearsome competitor in the banking space.

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