Is there anything left for Amazon not to be involved with and eventually dominate? The company’s aspirations seem to reach higher and higher by the month.
It is rumored that the behemoth company is now seeking a big bank partner. According to the Wall Street Journal, Amazon asked a few months back for banks to submit proposals for a hybrid checking account from companies like Capital One and JPMorgan Chase.
Indeed, Amazon is currently in talks with JP Morgan to start providing checking account services. Mortgages won’t be far behind.
According to the Wall Street Journal:
“Any move by Amazon to start its own banking arm would subject it to capital rules and other regulations that likely would limit its aggressive expansion. And there would likely be stiff opposition. An effort by Walmart Inc. more than a decade ago to obtain a type of banking license withered after intense criticism from a range of companies and lawmakers.
For JPMorgan or Capital One, winning the assignment would be a chance to keep a potential competitor close and strengthen ties to a company that is popular among millennials, whose financial habits are changing quickly. In a recent poll of 1,000 Amazon customers conducted by LendEDU, an online student lender, 38% said they would trust Amazon to handle their finances equally as they would a traditional bank.”
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