One of the world’s largest tech firms, Google, is planning to grab aspiring opportunities in the field of banking. According to the plans made by the company, Google is willing to offer current banking accounts with smart checking support in collaboration with US-based banks and credit unions as well.
Google said that the service will be launched through its popular digital wallet Google Pay—Google’s online payment system—which will provide several analytic tools made by Google to the users for an amazing experience in dealing with traditional banking tools. The firm also plans to offer loans, credit cards and payment systems by other leading business luminaries such as Apple, Facebook, Amazon and Uber.
According to Gerard du Toit—partner & director at Google’s consulting firm, Bain & Company—all the tech luminaries willing to enter the world of banking share a common objective of making their services, arrangements and products absolutely necessary for all. The rivals are competing with each other for grabbing the attention of customers to make their tech platforms and ecosystems win.
Currently, Amazon is offering business loans and credit cards to empower its e-commerce empire whereas Uber is offering debit accounts, credit cards with several money tracking tools supporting its taxi services. Facebook is launching a complementary Facebook Pay system to its current messaging tools. In a collaboration with Markus—online bank saving account offering system—by Goldman Sachs, Apple and Google look forward to strengthen their respective payment systems and platforms.
Google stated that it believes in financial and regulatory expertise of its banking partners and feel confident about providing helpful tools to the customers to enhance the user experience.
Mr. du Toit expressed his concern for smaller financial and technology services as these tech giants plan to make their way into banking world. He named these tie-ups as a big Darwinian experiment which will generate succeeded and failed mutations simultaneously.
