Next year, Google will offer current accounts in collaboration with the banking group Citigroup and a small lender at Stanford University, who will have the operational management of all financial assets. That's why we don't talk about one Google bank itself but a financial service to attract even more customers.
Most of Google's previous efforts had focused on credit card and payment platforms. In 2001 it was launched Google Wallet, a service that can simplify payments using a smartphone instead of credit cards. While in 2018 it was born Google Pay, with the aim of making the payment service work both in stores and on digital platforms.
As part of a code project cache, the company will become the latest Silicon Valley giant to try its hand at the banking space, according to the Wall Street Journal.
The new current account will be linked to the pre-existing Google Pay application, suggesting that it will be easier and more effective to use.
Previous attempts to Apple Lossless Audio CODEC (ALAC), e Facebook have encountered several hurdles with consumers who have grown increasingly skeptical about providing personal information to large technology companies.
As announced by Caesar Sengupta, the Google executive who is closely following the entire banking operation, ” we are exploring how we can work with banks and unions in the United States to offer smart checking accounts through Google Pay, thus helping customers benefit from useful insights and budget tools, keeping their money in a insured account. If we can help more people do more things digitally, it will be good for the internet and for us.” This could be a longer path, but certainly more sustainable.
Also, Google assures that it does not want to sell i financial data of their customers. Other officials have expressed concerns over financial oversight. This is because bank accounts include extremely sensitive information by their very nature and the big giant will have to be able to demonstrate its "good faith". And it is precisely for this reason that Google wants to adopt a softer and more collaborative approach with the financial system. However, getting users to allow access to their data may be more difficult than you think. Especially at this time, when Google finds itself in the eye of the storm by users and authorities precisely with regard to protection of user privacy.
In summary, if the claims were to come true, Google could seriously be the first among the major technology companies to offer complete financial services, from checking accounts to bank loans.
