I was quite surprised to see the front page of my Saturday WSJ emblazoned with “Google Is Scrapping Its Plan to Offer Bank Accounts to Users”. As the former guy responsible for Citi’s online banks globally, and also a guy working in creation of the original Google Pay (as consultant), I thought I would provide some much needed clarity here (consistent w/ blog Google’s Bank Plans and the 20 others I’ve written on Google Pay over the last decade).
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.
Two HUGE payment events this week
- Amazon 2% Cash Back (see Forbes Article)
Per Bloomberg, consumers that don’t want to go for the 5% back Amazon store card (SYF) can now link their DDA and earn 2% back. This may be the biggest payment innovation of the year!
Great articles yesterday
- AdExchanger – Google Tracks Path to Purchase
- Washington Post – Google now knows when its users go to the store and buy stuff
- Seattle Times – Google Aims to Connect Online Ads
- Advertising Age – Google Plans to Kill “Last Click” Attribution
This year, the iab (interactive advertising bureau) labeled 2017 as the Year of Measurement. Understanding why, and what is changing here is key for retail, banking and advertising. Most of us know the adage “measure what you want to manage”. As an engineer, I view measurement as the key feedback loop in any system or process. In order to gain feedback (close the loop), you must know what happened.
Its tough to find time to Blog as a CEO…. Most of you my blogs are sometimes snarky and tactless (making NOT offending someone a new consideration).
I was taking a look at JPMC’s latest investor presentation and noticed that ChaseNet is gone.. Why? I’ve written on JPMC and ChaseNet a number of times over last 6 yrs. Today I’ll cover my views on the latest developments and my views on JPMC’s ChaseNet strategy. Lets recap first:
I haven’t written much on acceptance over my 9 yr blogging career for one simple reason.. I was never “in” that side of the business. Given how much is going on in here I can’t leave it out any longer. Acceptance at the POS is a big topic, I see the following areas:
- mCom/eCom Convergence – Payment in the OS
- ApplePay in Browser
- One Click for Ads – Facebook Pay??
- eCommerce Thoughts – What is fundamentally changing?