Among the discussions taking place in bank boardrooms of late: When will Amazon (NASDAQ:AMZN) show up to claim our margins? Maybe not too much longer, according to the WSJ, which reports Amazon as in early-stage talks to create a checking-account-like product.
The product, says the story, would be focused on those not yet swept up in the traditional financial services industry, but wouldn't include Amazon actually becoming a bank. Walmart attempted the bank route 20 years ago, but the industry got then-Fed chief Alan Greenspan to shoot that down.
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. The good news for lenders: The company for now appears to be trying to get its foot in the door as partner, rather than competitor.
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