Google wants to expand its financial sector and offer its own current accounts. For the Internet Group would like to work with Citigroup, one of the largest US banks, and a small credit union from Stanford. This is from an article in the Wall Street Journal that first reported on the as yet unpublished project called Cache. This should therefore be started in the coming year.
"Our approach will be to work closely with banks and the financial system," said Google manager Caesar Sengupta to the Wall Street Journal . This could be a reaction to the sometimes problematic collaboration of other Internet companies with financial companies.
Regarding possible privacy concerns, he said that the financial data of current account users should not be sold for advertising purposes. The data should not be used for advertising purposes or passed on to advertisers. So far it is not clear whether Google will charge for the checking account fees.
In a poll, 58 percent of respondents trust Google's financial products
Google is not the only Internet company that is also active in the financial sector. Since summertime, Apple has offered its users a credit card in addition to the payment service Apple Pay, and according to the Wall Street Journal, Amazon is also said to have already talked about a possible current account.
Google itself offers Google Wallet since 2011, where users can save their credit and debit cards digitally. This service was later transferred to the mobile pay service Google Pay. In 2015, Google discussed ways to use e-mail to pay bills.
Financial services are a way for tech companies to retain users more closely. The WallStreet Journal cites a survey by consultancy McKinsey, where 58 percent of respondents said they trusted Google's financial products. The trust was therefore greater than in Apple and Facebook, but worse than in Amazon financial products.