Amazon is reportedly in talks to offer bank accounts to its customers.
The move will likely not require the online behemoth to obtain a banking licence, as account holding will be handled by JPMorgan. The company is also reported to be in talks with credit-card provider Capital One.
|
Bragi Fjalldal, |
Bragi Fjalldal, CMO, vice-president, product and business development at banking software company Meniga, says the move could finally be a wake-up call to the banking sector.
“Amazon are about to prove that it is possible to disrupt banking without a banking licence," he says. "If Amazon asks a bank to white-label their current account on favourable terms – who is going to say no to that? If this move by Amazon is a sign of what is to come, banking may look very different a few years from now.”
The US-based online retailer has already moved into finance by offering loans to sellers on its Amazon Marketplace. It has provided in excess of $3 billion in financing since the 2011 launch.
Following Amazon’s takeover of retailer Whole Foods, more customers are conducting a variety of their purchases through the website.