Google will launch in 2020 an online service where it will offer checking accounts to its users. And this service will not be linked to Google Pay, it will be something new, which already has the name of Google Cache, an allusion to Cash, even though it is a well-known term on the internet.
Current accounts will be offered in partnership with Citi bank and also a small Stanford University credit union.
Google plans for 2020 and the next few years to develop a good relationship with banks and the financial system, where through technology it can create a more sustainable future in negotiations, especially with fintechs.
The RGPD is a determining factor in the future of technology and a major concern of banks and financial institutions in relation to Google is precisely the relationship that it has with the data of its customers.
This may be one of the barriers to be overcome next year and the partnership with Citi in the Cache project may make it clearer how Google’s action in this field will be.
Today, banks have an immense amount of data and financial information on consumer spending and income worldwide.
This data could be used to better target advertisers.
But in the face of this doubt, Google has already made it very clear that it does not intend to sell financial data to advertisers and that neither its Google Pay project, already consolidated, makes use of the data for advertising purposes.
Pay, for example, is very popular in India, where it has 67 million users. With it, Indians make purchases, pay for app runs, transfers and other movements.
Cache should follow more what Facebook and Apple are doing in the financial industry. Apple is in a credit card issuing partnership with Goldman Sachs bank and Facebook this year announced the creation of the Libra Digital currency.
There are still no “rules” for the technology giants in this market, there is something, but they are very superficial. The biggest fear is that monitoring this future will end up being more difficult, even allowing crimes that today are “easier” to identify.
An American senator named Mark Warner said that his concern about Google and others, as he participates in a panel on banking supervision, is precisely that they enter new areas before there are even rules for that.
Much more inspection will be needed than is done today, so it is necessary to study this new technological “wave” better.