American Express Co. launched an Internet-only banking service Thursday, taking aim at other ventures that have what Amex considers inferior brand recognition.

The service, Membership Banking, includes money market and checking accounts, certificates of deposit, bill payments, personal loans, and debit cards. It reflects American Express' desire to be a full-service financial institution and could pose a challenge to the proliferating number of companies pursuing virtual or branchless delivery strategies.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.