Google will soon launch into the bank. The research giant is working on a project called "Cache" that would turn it into a bank account provider. But promised, it is not to undermine personal information.
After the Apple Card, Libra and Facebook Pay, it's time for Google to make a foray into the world of finance. As reported by Wall Street Journal, the Silicon Valley giant is currently thinking about offering Google labeled bank accounts. A big challenge.
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Partner with Citigroup, a US investment bank ranked 14th on the list of the world's largest publicly traded companies ForbesGoogle will actually let banks regulate the entire administrative part of the process to focus on the "general public" part of the banking experience (account opening, access, etc.). A little like a neobanque. A decision motivated by the fact that Google does not want to struggle with the legislative obligations of the banking sector. By the way, this also allows the company to make friends with the banks rather than win as a front-end competitor.
A Google Bank in my Google life
For the moment, it is only a question of offering current accounts (checking accounts in the language of Shakespeare), booklet A or sustainable development booklet planned for now. While not necessarily the most profitable product, the current account is a treasure trove of information that traditionally contains the list of daily purchases. Promised, Google will not sell information collected through this, Mountain View will simply offer loyalty programs or other such benefits to its customers. "If we can help people do more things online, it's good for the Internet and for us", explains innocently Caesar Sengupta, general manager and vice president of the payments branch.
The effort would be separate from Google Pay which is for the moment an application able to connect to your bank to allow mobile payments. Nothing says that in the future, however, the Google Pay app will not be compatible with Google bank accounts. It would seem even rather logical. On the other hand, the arrival of Google in the financial sector is likely to seriously cringe Washington. The company is already the target of an investigation for abuse of dominant position carried out head-on by 50 US states. Not sure that they are very much in favor of the search giant's foray into such a vital sector as the bank. Even if, after all, the giant has already infiltrated into health …
Source: The Wall Street Journal