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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
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