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Large IT companies are taking part in financial services one after another, such as Apple launching the credit card Apple Card service and Facebook introducing its own payment service. However, according to reports, Google will start offering bank account services in the United States with the goal of 2020.
According to reports, Google is planning to introduce a bank account service in partnership with financial institutions such as Citigroup. Account opening, transfer, remittance, and other services such as regular bank accounts, as well as Google Pay payments, can be performed through this dedicated account. It also offers loyalty programs such as point gardens to facilitate the opening or use of new bank accounts.
By providing financial services, Google can not only attract new customers and expect revenue, but also secure account usage data. However, it does not provide personal financial information to the outside. Google still says that it does not use or sell user data obtained from the service for advertising, but it is said that it will require more sensitive handling.
Banks can expect an opportunity to acquire new users through a Google alliance to address the concerns of customer decline caused by falling interest rates. The alliance between large IT companies and financial institutions is a complementary combination. In addition, Amazon is also planning to provide banking services. If GAFA enters the service competitively, the future may come when it will finish all the tasks of everyday life with one app. Related information can be found here .
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