Amazon is in the early stages of adding a checking-account-like product to its website.
According to the Wall Street Journal, the online retailer is in talks with big banks including JPMorgan Chase & Co. to create a bank account program that will appeal to younger customers.
With millions of customers, troves of data, access to cheap capital and seemingly unlimited leeway from its investors to enter new businesses, Amazon is a fearsome competitor. Its more-than $700 billion market value eclipses the combined value of JPMorgan and Bank of America Corp , the two biggest U.S. banks, the WSJ reports.
A significant amount of Amazon Prime customers are interested in this feature being added. According to a report from Bain.com, 65 percent would be willing to try a free online bank account from Amazon.