However, Amazon is unlikely to establish an independent banking business because it will lead to additional regulatory burdens and credit risks.
Goldman Sachs stated in its research report that “Although Amazon has the opportunity to develop the financial services industry, we believe that the desire to establish a separate banking business will be curbed because the industry is strongly regulated and Amazon does not want the balance sheet to suffer credit risk.”
Analysts expect that Amazon will continue to focus on providing "complementary" services through cooperation with banks. Its main purpose is to promote sales and traffic on the Amazon e-commerce platform.
Amazon is working with Bank of America to launch a business loan program. There are reports that the company is working with JP Morgan and Capital One to provide new "check-account-like" products.
Amazon is also currently offering a variety of financial products. Amazon Pay is a PayPal-like service that helps shoppers shop through Amazon accounts. Amazon Lending is an online loan service specifically for Amazon sellers. Amazon Cash helps users transfer funds from gift cards to Amazon or some co-branded credit cards.