Cartoon of the Week: Google set to offer banking accounts

Google plans to offer consumers checking accounts starting next year as it partners with financial institutions, including Citigroup ( C ) and a credit union at Stanford University. This represents Big Tech’s boldest move yet into consumer banking.

“We’re exploring how we can partner with banks and credit unions in the US to offer smart checking accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools while keeping their money in an FDIC or NCUA-insured account,” a Google spokesman said in a statement. “We look forward to sharing more details in the coming months.”

Google will then become the latest Silicon Valley leader to try its hand at the banking space after Apple and Facebook. The company is attempting to deepen its relationship with consumers by entering into finance. But will consumers accept this or be skeptical about providing large technology companies with their personal information?

Is Google becoming a bank? Will it be successful? And should banks be worried?

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Brahim Jaouane

I am a Digital Marketing specialist specialized in SEO at eXo Platform. Passionate about new technologies and Digital Marketing. With 10 years' experience, I support companies in their digital communication strategies and implement the tools necessary for their success. My approach combines the use of different traffic acquisition levers and an optimization of the user experience to convert visitors into customers. After various digital experiences in communication agencies as well as in B2B company, I have a wide range of skills and I am able to manage the digital marketing strategy of small and medium-sized companies.