Amazon looking into opening current accounts with JP Morgan Chase say reports

Alicia Cross
March 6, 2018

The strategy would help Amazon lower fees it pays to financial firms and give it a bigger window into customers' income and spending habits, according to the report. in talks with JPMorgan Chase & Co. and Capital One Financial Corp. about offering the tech giant's customers a product similar to a checking account, the Wall Street Journal reported.

Talks have also taken place with USA credit card lender Capital One, the Wall Street Journal said. The retail giant already works with the Wall Street giant to offer cobranded credit cards to customers and the companies recently struck a new partnership to provide healthcare services for their employees. Consultants McKinsey a year ago described Amazon and other digital platform companies as a bigger threat to banks than fintech firms.

A survey conducted by LendEDU found that about 45 percent of Amazon customers would be open to the concept of Amazon acting as their primary banking account, CNBC said.

It wouldn't be Amazon' s first foray into the financial sphere.

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On top of lowering transaction processing expenses, Amazon's proposed checking account service reportedly has another objective.

It has always been speculated that Amazon would eventually make its way into the banking sector, and a recent survey indicates that it could gain some traction by taking that step.

Before you sell all your bank stocks.

The WSJ said that talks are in initial stages and that nothing may actually come from them.

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