Report: Amazon in talks to offer branded checking accounts
Photo by S3studio/Getty Images
Amazon is in early talks with big banks to launch a hybrid checking-account-like product that would appeal to millennials and customers without bank accounts, according to the WSJ.
Why it matters: A branded bank account would further extend the mighty Amazon ecosystem — which has most recently targeted the home security, delivery, and healthcare spaces — and could give the company access to valuable consumer spending data. Sources say it's clear that Amazon's potential entry into the financial services market would come as a partner, not as a bank, as some have speculated.