“Banks have to upgrade themselves or risk being burnt to the ground” – JP Nicols
Google announced that it will now offer a checking account in 2020. Google is not the only tech giant trying to enter into the world of finance. In 2019 Apple launched its long-awaited “Apple Card,” which is Apple’s version of a credit card.
According to CNBC, Google signed a deal with Citigroup in October 2019 to construct their checking account. Google’s checking account will link to Google Pay to enable easy and secure payment methods. Google checking account users will have to sign up with Citigroup to use the service since Google is not a bank. The checking account will include budgeting tools to help its users avoid overspending.
Tech companies in Asia have already started to move into financial services. Tech companies, like Google and Apple, have smart home products that control every aspect of our lives. Their next step is to enter into the banking world.
As tech giants battle to control individuals’ banking needs, traditional banks will need to figure out how to maintain a competitive advantage. Tech banks pose a massive threat to modern banks.
How do you feel about big tech companies monitoring your bank accounts?
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2 Comments
باك لينك · February 25, 2020 at 8:52 pm
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Wesley Earp · February 26, 2020 at 3:23 am
Thank you for reading and commenting! I appreciate your feedback!
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