Now Google wants to get into banking too

Adjust Comment Print

Google plans to start offering checking accounts to consumers next year. In a chat with the Wall Street Journal, the company's Caesar Sengupta also touted it as a way to further digitize the banking world. He did say, however, that the company would not sell users' financial data. At the same time, it shows banks are more willing to pair up with technology companies in their quest to avoid getting shut out of the relationship entirely.

The product will launch in 2020 with Citigroup handling most of the financial and compliance requirements, the person said, asking not to be identified because the project hasn't been announced publicly. 'We have to be where our customers are, ' he said. The company plans to offer incentives for customers, of course, such as loyalty programs. It could tell Google how much money people make, where they shop, and what their monthly bills look like.

In contrast with Apple's tie-up with Goldman Sachs on its new credit card, Google is set to take a backseat on the checking account, with its partners' brands front and centre. "As we continue to test and learn and enhance our digital capabilities and experiences, the digital deposit momentum has accelerated through the year".

Tracking snowfall potential and bitter cold
Authorities said the icy road conditions were to blame for the deaths of three adults in MI and an 8-year-old girl in Kansas. Rain transitions to snow around lunch time for Worcester County and southern NH, and in the early afternoon for Boston.

Google's initiative is just the latest tech play in the financial sector, prompting concerns about how the big tech companies will use their massive digital influence in other areas of business and economic infrastructure.

To fight off the threat, banks are striking deals to keep a firm hold on their customers. Ultimately, Google would leave the nitty-gritty details of banking to the partner banks, which will likely expand either before or after the product actually launches. Google is now facing an anti-trust review by the Justice Department, as well as general concern from Washington and consumers alike that the company has too much power to stifle competitors and collect and profit off of the personal data of users without any real oversight.