Google takes a new step in its world domination project. According to a report by the Wall Street Journal, the company has just partnered with Citigroup and a financial institution at Standford University to accomplish its mission. This move will place it alongside other financial services associated with large technology companies. The service will have a partnership with banks and will start operating from next year.
Google will offer bank accounts, but will not handle them
Although Google will be the one offering bank accounts for its consumers, financial activities and account management will be carried out by its partners. This project, which they have dubbed “cache”, already has the support of Citigroup and Stanford Federal Credit Union, which seek to attract new younger clients that prefers to carry out commercial activities from the Internet.
Although it seems that Google as an intermediary will not earn anything. Since they will not be in charge of managing the accounts. It turns out that they will have access to important information of the users who open the accounts.
Caesar Sengupta, the General Manager and Vice President of Google, told WSJ that in this way they will try to offer advantages for consumers and different reward programs. Another possibility that they continue to consider is that of not charging for account services. Which would represent a great advantage over the current accounts of some other banks.
However, this may not please all users, as they would be offering confidential information to Google. A company that already has enough personal data through its other services.
Although the tech giant argues that data collected through Google Pay has never been used for advertising purposes or sold to merchants. The future outlook is very difficult for this idea to be accepted by the masses. Privacy concerns are often simply about a company that has access to so much data. Regardless of whether they are used for advertising services or not.