Google’s New Bank
By Raaghav B.
Where would you store your money? Companies like Apple and Facebook have already dived into the financial industry, and now Google is stepping into the game. Google has disclosed that they will be offering checking accounts in 2020 through a project called Cache. Google is known to take industries by storm, and people believe that Google will not fail in this new endeavor.
The Google Bank project, Cache, will not actual have underpinnings, because Citigroup and a Stanford Credit Union will handle accounts and the prominent branding. Google claims that there will still be account integration through Google, but people have questioned this system. The company also declared that they will not sell account holders’ financial data. Google has been known to sell people' account details to other companies which makes this statement important. In the massive search engine’s eyes, this will add to the value of the bank along with other services, like loyalty programs for their customers. Google believes that this will advance the digital banking scene and will set a standard for other companies to match.
Officials only hold one reservation, which is if Google is really serious about holding financial data what does this mean for other companies? If Google holds up to their claims, Google will become the largest digital bank, due to their international foundation. Companies like Facebook have been caught in the past selling user data, which set them back a fair amount. These companies face scrutiny, which results in a lowered stock value.
Google has been known to impress with technology like Stadia, but now that they are stepping into the financial market, banking could be changed forever. Google’s customer service is also known to be one of the best in the world. Customers would be won over due to their high credibility and the trust that they have built up. If Google holds their word, they are expected to be the leaders of this industry by far if they are trusted.