Technology

Google to offer checking accounts in partnership with banks and credit unions

Starting next year, the so called project "Cache"should soon include Google Pay and Google Wallet initiatives

Google office front entrance in London. Photo: Shutterstock
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  • What Google expects to gain the most from this new operation is to collect valuable information and insights on customer behaviour;
  • According to WSJ and TechCrunch, the initial financial partners that Google is working with include Citigroup and Stanford Federal Credit Union.

According to the Wall Street Journal and TechCrunch, Google is the latest big tech company to make a move into banking and personal financial services. Starting next year, the company will offer checking accounts to consumers in partnership with banks and credit unions.

Google’s Caesar Sengupta talked to the WSJ about the new initiative called “Cache“. Different from other companies, Google’s partners will be more in charge of the new project than the company itself. As TechCrunch pointed out, Apple, in its turn, works with Goldman Sachs on its Apple Card credit product, but the card is first of all an Apple product.

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What Google expects to gain from this new operation is to collect valuable information and insights on customer behaviour. And as other companies, Google also intends to offer advantages in order to gain more consumers and make these consumers spent more time with Google’s products.

Google Pay and Google Wallet are services that already exist and host some features typical from the banking universe, such as money transfer between individuals. Probably those services will soon be part of Cache project.

According to WSJ and TechCrunch, the initial financial partners that Google is working with include Citigroup  and Stanford Federal Credit Union.