Wednesday, January 20, 21:26
Home business Google will provide checking accounts in collaboration with banks from ...

Google will offer checking accounts in partnership with banks from next year

Google is the latest technology company to launch banking and personal finance services: The company intends to offer consumers account control, first reported by the Wall Street Journal starting next year. Google calls the project "Cache" and works with banks and credit unions to provide control of accounts, while banks handle all financial and compliance activities related to accounts.

Google's Caesar Sengupta has spoken to the WSJ about the new initiative, and Sengupta has made it clear that Google will seek to put its affiliates in the financial institution far more "front-and-center" for its customers than other technology Companies they have probably done with their financial products. Apple is partnering with Goldman Sachs for its Apple Card credit product, but the credit card is mainly known as its product Apple.

Google

So why bother even getting into this game? Well, Google obviously gives a lot of valuable information to customers regarding their account, which for many is a good picture of the overall daily financial life. Google says it also intends to offer product benefits to both consumers and banks, including programs such as loyalty programs, in addition to basic financial services. He is also still considering whether or not to charge service fees, Segupta said - which would certainly be an advantage, especially if they have multiple accounts.

Google already offers Google Pay and Google Wallet has hosted some features beyond simple payment tracking, including the ability to send money between people. Meanwhile, competitors including Apple have also introduced payment products, and Apple has of course recently expanded the credit market with the Apple Card. Facebook also introduced its own digital payments product earlier this week, and announced its intention to create its own digital currency called "Libra».

Initial financial partners that Google is partnering with include Google Citigroup and Stanford's Federal Credit Union and their motive seems to be to attract younger users who are increasingly trying to control their lives through online tools. According to Per Sengupta's comments, they will also benefit from Google's ability to work with large data sets and convert them into value-added products, but Google exec also said that technology company will not share this data with advertisers.

LEAVE ANSWER

Please enter your comment!
Please enter your name here

Teo Ehc
Teo Ehchttps://www.secnews.gr
Be the limited edition.

LIVE NEWS

00:02:09

Donald Trump: Thanks to Lil Wayne, not to Julian Assange!

Outgoing US President Donald Trump will award today thanks to rapper Lil Wayne in a final wave of pardon that ...
00:02:28

NASA: Uses AI to locate new craters on Mars

https://www.youtube.com/watch?v=e8qCSD3fA50 Τα τελευταία 15 χρόνια, το Mars Reconnaissance Orbiter της NASA περιφέρεται γύρω από τον Άρη μελετώντας...

Windows 10: How to view recently installed updates

Microsoft frequently updates Windows 10, but it is not always clear when each update is installed. Fortunately, there are two easy ways ...

Lorex launches a bell with a 2K camera that detects faces

Lorex launches a new device for smart homes - the bell called "2K QHD Wired Video Doorbell with Person ...

Security awareness is not enough to deal with threats

Significant changes have been made in recent years in dealing with cyber threats. The human factor is now taken seriously in safety. For example,...

MeWe: Gained 2,5 million users in one week!

The social networking platform MeWe saw the number of its users increase significantly after the WhatsApp scandal.

Fake collaboration apps "infect" employees and steal data!

With the outbreak of the COVID-19 pandemic, a large percentage of organizations have experienced malware attacks on remote devices as employees work ...

LG is considering leaving the smartphone sector in 2021

After losing about $ 4,5 billion in the last five years, the smartphone company LG struggled to compete with its rivals. He...

Steve Jobs: Statue in the National Garden of American Heroes by Trump!

The American government decided to place a statue in honor of the co-founder and former CEO of Apple, Steve Jobs, in the National Park ...

Terminology 1.9: New Linux Terminal Emulator with more colors

Boris Faure announced a new version of Terminology 1.9 of the terminal emulator for Linux operating systems. For those who do not ...