Summary – Google is not becoming a bank, but rather enabling:
- New integrated tools that will provide the BEST mobile bank experience
- Instant account opening
- Consumer incentives that will unlock the power of data (w/ consumer’s consent)
- New predictive analytics, recommendations, alerts, reminders, coupons, offers and engagement
Over last 6 months or so we have seen several Press Releases relating to Google’s bank partnerships:
- Google Pay Partners – Mobile Payments Today – Aug 3
“We had confirmed earlier that we are exploring how we can partner with banks and credit unions in the U.S. to offer digital bank 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,” stated the release.
- Google – Not about becoming a bank – PYMT.Com – Nov 2019
Smart, according to Google, because it will provide its checking accountholders with money management tips to optimize and manage the funds in those accounts – funds linked to payments and identity credentials that consumers can use to buy things, pay bills and send money to others in and outside the Google ecosystem.