The next deflationary front: Amazon dips its toes into banking

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A dive into the financial sector would be another addition to Amazon's growing list of attempts to influence its customers' everyday lives.

Both of those reasons sound very much like Amazon, which is always looking to reduce its costs and gain data it can use to market more effectively to customers.

Amazon is exploring the creation of a checking account-style product to offer its customers, The Wall Street Journal reported Monday.

For instance, the sources said "the talks with financial firms are focused on creating a product that would appeal to younger customers and those without bank accounts".

J.P. Morgan, capital one, and even Amazon, aren't commenting.

Nonetheless, Amazon apparently already has a fairly clear vision of what it hopes to achieve with the proposed service.

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"Pricing is a concern: if banks are cut out of the primary customer relationship, can they set prices high enough to make a return?"

Before you sell all your bank stocks.

And of course this would nearly invariably be integrated with Amazon Pay which Bezos is already trying to push at brick-and-mortar retailers starting, of course, with Whole Foods, which he now owns.

Amazon's credit card for Prime members has been a sleeper hit since its January 2017 launch in partnership with JPMorgan Chase & Co.

Banks are also eager to partner with startup financial products, which often offer all the services of a bank without a traditional account.