Amazon talks to banks over checking account

Do you think your business is safe from Jeff Bezos

Amazon is in talks with banks to work on a customized branded service for its customers, according to the Wall Street Journal, citing "people familiar with the matter". Amazon was not immediately available for comment. Doing so would expand Amazon's portfolio beyond its core e-commerce platform - which already includes grocery stores and most recently the acquisition of Ring.

Amazon, of course, has millions of customers, access to cheap capital, and tons of data, making it a potentially fearsome competitor to the banking industry.

One reason has been the regulatory barriers they would face, something which seems to have convinced Amazon to partner a traditional lender, rather than directly compete.

Amazon has also muscled its way into shipping, perhaps to the detriment of FedEx and UPS, with the purchase of stakes in two cargo airlines for its Prime Air service. It's completely possible that the company will shy away from the effort and nothing will happen, reports The Wall Street Journal.

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"Amazon is in fifth gear, trying to double down on the consumer, and the finance vertical looks like the next step (through partnerships) of adding to the Amazon flywheel", Ives said in the email.

JPMorgan Chase, one of the banks Amazon is reportedly in talks with, has clearly been thinking about the Amazon effect for some time.

Buffett also owns big stakes in Bank of America, American Express, Bank of New York Mellon and Goldman Sachs.

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