Banks should be paying attention as Amazon continues to experiment in payments, insurance, cash deposits and lending, according to CB Insights’ “Everything You Need to Know About What Amazon Is Doing in Financial Services” report.

“One can see the beginnings of what the Bank of Amazon could look like — a variety of key financial services products that support Amazon participants first, and enable them to buy, sell, and transact more easily than any other platform,” the report read. “That potential Bank of Amazon should worry traditional incumbents.”

According to CB Insights, Amazon’s financial services could follow a similar route as Amazon Web Services, which was initially designed to meet the tech giant’s server needs before launching as a service for third parties. By the time Amazon launches financial services to the general public, it could be too late for banks to react, the report said.

Amazon has invested heavily in making Amazon Pay an easy customer experience, as the payment process is crucial to Amazon’s marketplace success. Amazon partners with Worldpay, which was acquired by core provider FIS last summer, an acquisition that could have implications for Amazon’s banking ambitions. “FIS is also one of the biggest providers of core banking processing and has integrations with Q2 technologies,” the report said. “Both are key elements that non-bank-chartered tech firms in the US have been leveraging to launch banking services, like checking and savings accounts.”

Amazon Pay is only one of several banking-adjacent services Amazon has created. The Seattle-based company has made inroads with underbanked populations through Amazon Cash, which allows consumers to deposit cash to their Amazon account at physical retail locations. Amazon’s PayCode, meanwhile, allows consumers to pay for Amazon goods with cash at Western Union locations. The company has also moved into lending through small business loans, as well as corporate and consumer credit cards.

Amazon has also rolled out some financial services beyond its own marketplace this year. In March, the company announced its cashierless checkout solution was available to purchase for third parties. In October, Amazon launched bill pay queries on Alexa devices.

Looking ahead, although Amazon hasn’t yet waded into traditional banking, CB Insights concludes that the company would have a major advantage if it decides to make its move. “In the event that Amazon does decide to offer full-fledged banking account services, AWS would enable it to have cloud-based operations that would be more secure than traditional banks or its other Big Tech competitors,” the report said.

At Bank Innovation Build in November, leaders from Fifth Third, SunTrust and Scotiabank spoke about the effects big tech is having on banking. “Apple, Amazon and Google already provide bank-adjacent activities. We’ve learned pretty significantly from that industry,” Shawn Rose, chief digital officer and executive vice president at Scotiabank, said during the conference.

Bank Innovation Build, which takes place Sept. 9-10 as a virtual experience, is a must-attend industry event for professionals overseeing financial technologies, product experiences and services. Register here.