"The company has an unmatched position within the consumer life cycle and now they're trying to leverage where they are," Ives said. The initial financial partners that Google is working with include Citigroup and Stanford Federal Credit Union, and their motivation per the WSJ piece appears to be seeking out and attracting younger and more digital-savvy customers who are increasingly looking to handle more of their lives through online tools. Google also hasn't decided whether the accounts would charge fees. The partnership with Citigroup and a Stanford credit union could launch next year.

What Google will provide has yet to be disclosed and discussed.” (Coastal Community Bank), “The collaboration is in the early stages so we don’t have specifics in terms of user experience and content.” (BMO Harris), “We are in the process of working with Google to co-create the best experience for our student customers so I have no details to share at this time.” (BankMobile), “We are not able to share details at this juncture given that we want to save some of the specifics for the launch.” (BBVA). So he walks to school, First-time jobless claims drop to 787,000, The future of renewable energy could look very different under Biden, Watch the country's first firefighting robot in action, Here's what you need to know about the iPhone 12, How this former QAnon believer escaped the virtual cult. (Photo Illustration by Omar ... [+] Marques/SOPA Images/LightRocket via Getty Images). checking info loop 1 Recommended Answer 132 Replies 4126 Upvotes. Partnering with multiple financial institutions to offer the same product allows them to … Google (GOOGL) plans to offer checking accounts to customers starting next year, a source familiar with Google's plans told CNN Business. Author of the book Smarter Bank and the Fintech Snark Tank on Forbes, Ron is ranked among the top fintech influencers globally, and is a frequent keynote speaker at banking and fintech industry events.

The push into checking accounts is the latest instance of a Big Tech company moving into the financial services space. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. Google is going to offer a “smart” checking account, but neither it nor its partners know what that is. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. There are two problems with the consumer data: 1) Consumers don’t always do what they say they’ll do in a survey, and 2) Consumers are bad at envisioning the future. Google also hasn't decided whether the accounts would charge fees. On the other hand, because consumers don’t have something tangible to respond to, consumers who might be enticed by the features I listed aren’t being counted. Lawmakers in Washington, who are already investigating the dominance of big tech companies, will probably. "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. In addition, a Google partnership will help them reduce their cost of acquisition. Need something scary to play on Halloween? Google is planning to offer checking accounts within its Google Pay app. Find out if they’ve been compromised and get personalized advice when you need it. Among the 11% that would make a Google checking account their primary account, three quarters use Google Pay at least once a month, and almost half use it every week. © 2020 Forbes Media LLC. Google also hasn't decided whether the accounts would charge fees. Google will offer a fast and easy—OK, fast er and easi er —digital account opening (DAO)... Real-time, contextual merchant offers. "We have trouble seeing how combining the two is going to produce an outcome that either Democrats or Republicans will embrace," Seiberg said. All rights reserved. "The missing piece is banking," said Ives. These initiatives have already created big problems for the companies that are offering them. In addition to the checking account offering, Google is developing a debit card, is offering banks an AI-driven loan processing tool, and is gaining traction with its cloud offering. "This is just the tip of the spear in terms of where [tech giants are] going," said Ives. You have to wonder, though, if banks are selling their souls for the opportunity to partner with Google.

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