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Amazon Checking-Account Plan Sees Banks as Partner, Not Prey

  • JPMorgan, Capital One vying for company’s new banking venture
  • Strategy would give bigger window into clients’ finances
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Amazon May Be Eyeing Checking-Account Venture
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Banks have been warily watching Inc. for signs it would threaten their world. The tech giant’s latest move looks more like an opportunity -- at least for one of them.

A proposal to start offering a product similar to checking accounts is “for now not showing any signs of disrupting the industry,” Brian Foran, an analyst at Autonomous Research, said in a note to clients Monday. “While the ‘Amazon effect’ has dictated trading in several sectors, for banks it seems a much tamer story.”