Besides e-commerce and tech, Amazon also has its fingers in the brick-and-mortar retail, grocery, and shipping businesses, to name just a few. Its next target? Banking.
The plan: The Wall Street Journal is reporting that the tech giant is building a product similar to a checking account, meant to attract people who don’t currently have bank accounts.
The partners: JPMorgan Chase was the primary partner named by the report, but talks are still in the early stages, and other deals may yet be struck.
Collaboration, not disruption: Amazon does not appear to want to compete against the banking industry’s titans. As the Journal puts it, “new regulations put in place after the financial crisis, while bad for profitability, are a protective moat against challengers.”
A good idea? For Amazon, yes. It can help limit the fees it pays for payment processing. The benefit for consumers is much less clear.
Geoffrey Hinton tells us why he’s now scared of the tech he helped build
“I have suddenly switched my views on whether these things are going to be more intelligent than us.”
ChatGPT is going to change education, not destroy it
The narrative around cheating students doesn’t tell the whole story. Meet the teachers who think generative AI could actually make learning better.
Meet the people who use Notion to plan their whole lives
The workplace tool’s appeal extends far beyond organizing work projects. Many users find it’s just as useful for managing their free time.
Learning to code isn’t enough
Historically, learn-to-code efforts have provided opportunities for the few, but new efforts are aiming to be inclusive.
Get the latest updates from
MIT Technology Review
Discover special offers, top stories, upcoming events, and more.