Economy

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

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

According to a LendEDU survey released Wednesday, roughly 45 percent of respondents were open to using Amazon as their primary banking account, while 49.6 percent would use a savings account created by the company.

So Jeff wants to reach out to the unbanked and make them banked via an Amazon checking account. Offloading key tasks to a bank could help Amazon avoid some of the strict regulations imposed on financial service providers, which would ease go-to-market efforts.

Amazon is looking to team up with banks to build a checking account-type product.

"The Amazon effect is everywhere", says Glazer. "Those are the kind of possibilities we might have to face". But remember, Amazon is not trying to be a bank.

More news: BJP celebrates party's victory in Tripura, Nagaland and Meghalaya

Last year, it generated $8 billion in global revenues. In contrast, the manufacturing bit of the business, the core business of financing and lending from a bank's balance sheet, generated 35% of profits, with an ROE of 4.4%.

McKinsey To be sure, there are ways to offset this.

Amazon may soon find yet another way into its customer's wallets. In addition, almost 50 percent would use a savings account if Amazon were to offer one to its clients. (NASDAQ:AMZN) reportedly is in talks with financial institutions that include JPMorgan Chase & Co.

[Amazon's] more-than $700 billion market value eclipses the combined value of JPMorgan and Bank of America Corp, the two biggest USA banks. "And so some of it gets passed on to the customer in terms of lower prices and lower spreads".


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