Google has its hands in a lot of spaces, so when we hear that they are looking into a project involving banking, it comes as little surprise to us.
Through a project codenamed Cache, Google will be partnering with Citibank and Stanford Federal Credit Union to provide checking account services for persons starting next year.
This is Google’s latest foray into financial services having already done so with its Google Pay and Google Wallet products, but this can be considered as its first major step into direct banking.
What persons are saying, however, is that this initiative will further expand Google’s collection of data for persons which can guide how they deliver products going forward.
Google, however, is only the latest big tech company going into finance as Apple has recently released an Apple credit card in conjunction with Goldman Sachs while Facebook recently launched its own cryptocurrency Libra.