Bank of Amazon?
By Teamspirit on Monday, 5 March 2018
This week it emerged that Amazon are exploring a partnership with JPMorgan Chase that could allow them to offer bank accounts to US customers.
Although in early stages at the moment, this agreement would see the meeting of the biggest ecommerce platform in the US with the country’s largest bank.
By offering a product similar to a checking account, the ambition is that this will strengthen relations with their millions of customers who already rely on the site for everyday purchasing. And according to a Bain survey, there is an appetite – with Amazon and PayPal ranking top with consumers as the two brands most trusted with their money.
Amazon has long suggested making moves into the financial sector so the news may not come as a huge shock - but it will be interesting to see how this challenger from a new space might impact traditional players.