Why Banking With Amazon Could Be a Win-Win for Everyone
Amazon is reportedly poised to jump into yet another industry: banking. And that could be a win-win for everyone involved, according to Emily Glazer, the Wall Street Journal reporter who broke the [story](https://www.wsj.com/articles/are-you-ready-for-an-amazon-branded-checking-account-1520251200?reflink=e2twmkts).
“This idea of Amazon coming into the financial services as more of a partner than a disruptor is huge for the banks,” Glazer told Cheddar on Monday.
“Banks would have an...advantage of tapping into Amazon’s data [and] their technology.”
In return, Amazon could enter the financial space without “having to deal with the stringent regulations and capital restrictions...that come with becoming a bank.”
The tech giant is reportedly in talks with JPMorgan Chase to build a checking account-type product for its customers. Though still in its early stages, the idea is to serve a younger generation, particularly those who don't now have bank accounts.
Amazon has branched out far beyond its core online retail service and entrenched itself as an essential part of many consumers’ daily lives. But its access to such vast amounts of data is unlikely to scare off many customers, said Glazer.
“Millennials don’t care as much about privacy and security as other generations,” she said. “That’s why they’re using Venmo and not worried about Venmo selling their data.”
For the full interview, [click here](https://cheddar.com/videos/why-amazon-might-be-looking-to-team-up-with-big-banks).
Danny Taing, founder and CEO of Bokksu, joined Cheddar News to discuss his path on how he became an entrepreneur to launch a company that delivers artisanal Japanese snacks. "When I moved back from Japan to New York, I had this bit of reverse culture shock ... a lot of people had somewhat of a one-dimensional view of Japan ... they saw this country where people ate sushi every day ... none of that is true," he said.
Will Rhind, CEO of GraniteShares, joined Cheddar News to discuss Thursday's trading session amid renewed fears over the regional banking crisis as well as concerns over the debt ceiling debate.
The United Food and Commercial Workers union, one of the country's largest, opposed the planned merger between grocery chains Kroger and Albertson's, according to The Wall Street Journal, citing concerns about lack of information and the potential viability of stores upon closing.
Johnson & Johnson's consumer-health unit Kenvue made its debut on the New York Stock Exchange and jumped about 20% on Thursday. Thibaut Mongon, CEO of Kenvue, joined Cheddar News to discuss business growth goals and what lies ahead for its well-known pipeline of products, including Band-Aid, Neutrogena, Tylenol, among others.
