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Google Plans to Launch Checking Accounts for Online Users

Google Plans to Launch Checking Accounts for Online Users
Photo Credit: Techcrunch

With tech companies diversifying their reach and expanding their scope and services, Google plans to launch checking accounts which is in line with their new banking services.

The company is starting up to give individuals checking accounts, as first reported by The Wall Street Journal, starting as early as next year.

Google is calling the project “Cache,” and it’ll partner with banks and credit unions to offer the checking accounts with the banks handling all financial and compliance activities related to the accounts.

“We’re exploring how we can partner with banks and credit unions in the US to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools while keeping their money in an FDIC or NCUA-insured account,” a company spokesperson said.

Though the partnership is initiated by Google, the tech giant is not planning to take the center stage on rendering these services. Unlike the Apple credit card which Apple provides in partnership with Goldman Sachs, the credit card is still being viewed as Apple products.

But Google’sGeneral Manager of Payments Caesar Sengupta spoke to the WSJ about the new initiative, and Sengupta made it clear that Google will be seeking to put its financial institution partners much more front-and-center for its customers.

Google plans to launch checking accounts for its users and believes this latest move will help them understand users much better as regards gaining a lot of valuable information and insight on customer behavior with access to their checking account, which for many is a good picture of overall day-to-day financial life.

“The company has an unmatched position within the consumer life cycle and now they’re trying to leverage where they are,” Ives said.  “The missing piece is banking” He continued.

Google says it’s also intending to offer product advantages for both consumers and banks, including things like loyalty programs, on top of the basic financial services.

The move into checking accounts is the latest step of a Big Tech company moving into the financial services space.

Amazon also wants to introduce checking accounts for customers. Facebook announced its Libra cryptocurrency project earlier this year. And Apple has teamed up with Goldman Sachs to launch a credit card, while its Apple Pay service has become a go-to payment method for many iPhone customers.

Lawmakers in Washington, who are already investigating the dominance of

With tech companies diversifying their reach and expanding their scope and services, Google is said to be launching their new banking services.

The company Google with plans to launch checking accounts for its users are already starting up to give individuals checking accounts, as first reported by The Wall Street Journal, starting as early as next year.

Google is calling the project “Cache,” and it’ll partner with banks and credit unions to offer the checking accounts with the banks handling all financial and compliance activities related to the accounts.

“We’re exploring how we can partner with banks and credit unions in the US to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools while keeping their money in an FDIC or NCUA-insured account,” a company spokesperson said.

Though the partnership is initiated by Google, the tech giant is not planning to take the center stage on rendering these services. Unlike the Apple credit card which Apple provides in partnership with Goldman Sachs, the credit card is still being viewed as Apple products.

But Google’sGeneral Manager of Payments Caesar Sengupta spoke to the WSJ about the new initiative, and Sengupta made it clear that Google will be seeking to put its financial institution partners much more front-and-center for its customers.

Google believes this latest move will help them understand users much better as regards gaining a lot of valuable information and insight on customer behavior with access to their checking account, which for many is a good picture of overall day-to-day financial life.

“The company has an unmatched position within the consumer life cycle and now they’re trying to leverage where they are,” Ives said.  “The missing piece is banking” He continued.

Also read: Apple Not Interested in Launching a Cryptocurrency ~ Tim Cook

Google says it’s also intending to offer product advantages for both consumers and banks, including things like loyalty programs, on top of the basic financial services.

The move into checking accounts is the latest step of a Big Tech company moving into the financial services space.

Amazon also wants to introduce checking accounts for customers. Facebook announced its Libra cryptocurrency project earlier this year. And Apple has teamed up with Goldman Sachs to launch a credit card, while its Apple Pay service has become a go-to payment method for many iPhone customers.

Lawmakers in Washington, who are already investigating the dominance of big tech companies, will probably review Google’s move closely.

Though there has been a form of trust breach as regards users’ relationship with Big Tech companies when it comes to data policy management and handling of personal information.

This move by Google will prompt people giving Google access to more personal information of its users.

But convincing users to give this kind of access to Google will be a hard task for the Tech giant owing to the issues of the data mistrust excessively prevalent this year between Government, Users, and Big Techs.

Big tech companies will probably review Google’s move closely.

Though there has been a form of trust breach as regards users’ relationship with Big Tech companies when it comes to data policy management and handling of personal information.

This move by Google will prompt people giving Google access to more personal information of its users.

But convincing users to give this kind of access to Google will be a hard task for the Tech giant owing to the issues of the data mistrust excessively prevalent this year between Government, Users, and Big Techs.

 

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Christopher Ihezie

An IT Writer, Blogger and Content Developer at Reviewnetgato media company.
I am a tech enthusiasts with a zeal and passion to develop life globally through technology.
Christopher Ihezie

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