Google to team up with two banks to offer smart checking accounts
By Nikita Chaurasia  Date: 2019-11-14

Google to team up with two banks to offer smart checking accounts
  • The project is the extension of the digital payment system, Google Pay
     
  • It is an attempt to focus on tech-focused alternative for traditional banking

Google plans to partner with two banks, the Stanford Federal Credit Union and Citigroup to start offering customers a feature called smart checking account by next year.

Craig Ewer, a Google spokesperson stated that the project has been codenamed Cache and considered as an extension of the popular digital payments system, Google Pay. The company will focus on the mobile-first users initially, the specifics regarding what it will offer, however, is still being worked upon.

The banks have come to the realization that the digitally inclined millennials have a similar core banking need as the generation that favored brick and mortar to stash their cash and retrieve it easily. There have been several attempts to create a digitally focused alternative compared to traditional banking, but it usually resulted in either gaining a niche audience or dwindling entirely. 

Customers have plenty of complaints from their banks associated with paltry interest rates, poor service and high fees. Moreover, banks have been offering all the tech-focused features like card-free transactions, in-app budgeting assistance and fast peer-to-peer payments as demanded by the users.

Technology companies are required to provide new ideas to encourage consumers to opt for their advanced features. Senior Analyst at Aite Group, Thad Peterson commented that numerous efforts had failed to make an impact due to the lack of revolutionary ideas. 

With Google helping the Stanford Federal Credit Union to develop the user interface as well as the credit union handling every function of banking, the bank plans to provide co-branded accounts. The representatives of Citigroup have not yet responded to the questions regarding the details of their product plans. 

Google aims to expand the use of its wallet app and wants to deepen its ties to sectors that use its technology already. Other details regarding the new project will be revealed when close to the launch.

 

Source Credit- https://www.nytimes.com/2019/11/13/business/google-banking-checking-account.html

 

About Author

Nikita Chaurasia    

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More

More News By Nikita Chaurasia

Coinbase puts forth a buyout offer for crypto brokerage firm Tagomi
Coinbase puts forth a buyout offer for crypto brokerage firm Tagomi
By Nikita Chaurasia

San Francisco based digital currency exchange major Coinbase has reportedly announced its acquisition of the crypto prime brokerage platform, Tagomi. For eight years, Coinbase has been known for its credibility in the field of industry-leading tradin...

National Congress of China recommends government-led blockchain fund
National Congress of China recommends government-led blockchain fund
By Nikita Chaurasia

The parliament of China, National People’s Congress, has reportedly given a suggestion for a blockchain development fund, backed by the government to be able to build up a good governance system. The most powerful and important political adviso...

Halifax to initiate COVID-19 vaccine trials with CanSino Biologics
Halifax to initiate COVID-19 vaccine trials with CanSino Biologics
By Nikita Chaurasia

The Dalhousie University, also known as Halifax University, located in Canada, has reportedly announced that its team would be working in collaboration with Chinese manufacturer, CanSino Biologics, to conduct the first-ever Canadian clinical trial fo...

Researchers to investigate the risk of airborne viruses in buildings
Researchers to investigate the risk of airborne viruses in buildings
By Nikita Chaurasia

As the world gradually paces back to normalcy after recuperating from the devastating effects of COVID-19, a research team from DOE’s Lawrence Berkeley National Laboratory (Berkeley Lab) embarked on the quest to study the risk of airborne virus...

NZME unveils a takeover bid of US$0.61 for its rival Stuff Limited
NZME unveils a takeover bid of US$0.61 for its rival Stuff Limited
By Nikita Chaurasia

NZME, a News Zealand media giant, has recently unveiled a symbolic US$0.61 (NZ$1) takeover bid for rival Stuff Limited in an attempt for consolidation of the news industry in the country, amid the downturn caused by the coronavirus pandemic. Nine Ent...