G-Bank
With the news today that Google is set to partner with Citi to provide checking accounts, it marks another large tech company entering into financial services. However unlike Apple Card, where Apple is more prevalent as a brand, Google seems to be opting to keep in the shadows and pursing a data play.
Given the recent negative headlines around the Apple Card and its gender bias, something that is likely a responsbility of Goldman Sachs, perhaps Google’s strategy is a better one. Apple is now wedded to Goldman from a brand perspective, for better or for worse.
The financial data Google will presumably ingest will help it know even more about our day to day lives and could mean they are able to offer other products based on a greater customer insights in the future. A no-fee checking account, something common in the UK, would also be a huge boon for the project and would help Citi compete with challenger banks offering no-fee accounts also.
This is only the beginning of large tech companies foray into financial services with partnerships, lets hope they can have a positive influence on financial institutions and bring the customer experience back to the forefront!
