It’s not only Apple and Facebook plunging fast into the financial world. Google has announced its intention to offer checking accounts in 2020 through an undertaking nicknamed Cache. The search tycoon won’t deal with the actual underpinnings—Citigroup and a credit union at Stanford University will both be in charge of the accounts and feature the most outstanding branding. There will, in any case, be integration among Google and the accounts, however, and some of it may raise worries among controllers.
Google is promising that it will not sell account holders’ financial information. Rather, this is intended to include an incentive for clients, shops, and the banks themselves with administrations like loyalty programs. In a visit with the Wall Street Journal, the organization’s Caesar Sengupta likewise touted it as an approach to additionally digitize the banking world. “If we can help more people do more stuff in a digital way… it’s good for the internet and good for us,” he stated.
Regardless of whether authorities see it a similar way is another story. Banking accounts incorporate incredibly sensitive data by their very nature, and governments will need confirmations that Google isn’t snooping on that information, presenting it to security risks or abusing it to maintain its web dominance. Competitors like Facebook are now facing examination for their financial plans—Google may experience the same. Combine that with continuous antitrust examinations, and Google may need to make a special effort to demonstrate that its financial records will help more than they pose threats.