Google Checking Account: Google Wants Your Wallet ... and Data

Google is creating a checking account. According to the Wall Street journal, Google is partnering with Citi Bank and a tiny Stanford Credit Union in order to offer the Google checking account to its army of users. The project name is tellingly code named "Cache."

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While “Cache” is pronounced the same as “cash,” the definition of cache reveals even more of Google’s intent:

Cache is defined as “a collection of items of the same type stored in a hidden or inaccessible place.”

And what are items of the same type that are logged and stored in a hidden, password-protected place? Your spending data.

Your checking account tells so much about you. Your bank knows where you eat, shop, travel to, buy, and in what frequency. Your bank knows if you can afford certain products, who your employer is, and even what location you are in. Google wants all of this.

Google makes most of its money from advertising. Google already knows all of your most personal searches, emails, and even what your voice sounds like. So if it knows how much money you have, what you typically spend money on, what where you do your purchases, imagine how powerful its advertising could be.

Google isn’t the newest to this game, either. All of the major technology firms are diving into financial products. Facebook is creating Libra, the cryptocurrency. Apple just launched the Apple Card. Amazon will also be launching banking products in the future. So for Google, it just made sense.

Google already has an enormous amount of payment data on people around the world. Google, for example, is dominant in India, where hundreds of millions of transactions take place via Google Pay.

I anticipate google to launch a fee-free high interest checking account, much like those from Robinhood and SoFi. Google can afford to lose money on this account because it is already so incredibly profitable from other income streams, unlike traditional banks. And the integration with gmail, google search, and the like will make users experiences with google checking frictionless.

Research has shown that the majority of those surveyed would trust google to handle its finances. And in a world where young people trust banks less than previous generations, google will have a built-in advantage over the established players. Just look what Gmail did with Yahoo and Hotmail.

The checking account will merely act as a loss leader to get to the real product: your data.

What do you think? Would you get the Google checking account? Let me know in the comments below.

*Best Checking Accounts in 2019: https://www.youtube.com/watch?v=l2jxwE27UlA
*Top Investment Platforms of 2019: https://www.youtube.com/watch?v=Nqyb7owhAco

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Видео Google Checking Account: Google Wants Your Wallet ... and Data канала Kevin Conway