Google is taking a swing at personal finance with its own checking accounts
Because why not at this point, I mean really, wtf
Google’s next big project for its customers is not a piece of hardware or new software. The Wall Street Journal reports that it is consumer banking. The Silicon Valley giant wants to start offering its customers personal checking accounts.
This also makes them one of the first companies in that area to go forward with banking, as most modern tech giants like Facebook have focused on payment tools.
The banking idea, currently in its planning phase, is named Cache (Hah. I get it.) and the accounts are planning to be run by Citigroup. Google also wants to use its name on the checking but wants Citigroup to be doing the day-to-day work. Similar to Apple and its Goldman Sachs-backed Apple Card.
Google wants to give its customers checking accounts…but what about the data?
Caesar Sengupta, the GM and VP of Payments at Google, spoke with The Wall Street Journal to talk about Cache and their current plans with the project.
Our approach is going to be to partner deeply with banks and the financial system. It may be the slightly longer path, but it’s more sustainable.
This is all hot on the trails of their blockbuster announcement two weeks ago when Alphabet, Google’s parent company, purchased Fitbit.
And much like that story, more than likely there are concerns of Google potentially selling their data. You know, they have a nasty habit of doing that. That’s not good.
In the same interview, Sengupta assured those who have that concern that Google will not sell their banking data. “If we can help more people do more stuff in a digital way online, it’s good for the internet and good for us,” he said.
You know you’re in it deep when you lead off with the fact you have no intention to sell user data. 2019, amiright?
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