Amazon Could Upend Booming Investment Businesses

Amazon reportedly getting into banking space

Amazon may soon try to include investment information on its website. The site has shaken up industry after industry, from bookselling to cloud computing to groceries. It's now reportedly in early talks with banks to launch a checking-account product. The move has some wondering whether the tech giant could go head-to-head with Wall Street.

If the Wall Street Journal is to be believed, Amazon plans to partner up with an established legacy bank — perhaps Capital One or JP Morgan Chase. That could simplify matters further.

Amazon to enter Investment Business

In short, Amazon enters this field with an inbuilt advantage unlike any other. And I’m confident that whatever Amazon creates, it’ll undoubtedly offer a better user experience than that offered by traditional legacy banks.

It’ll be faster, easier to use, and reflective of how people want to access their money. It’ll be mobile-first, and look and feel amazing.

Or better put, it’ll feel like a tech product first, and a bank second.

In the US, many millennials list Amazon as an app they cannot live without. 73% of the age group claim they would be more excited about a new financial-services offering from the company than from their bank.