Google wants to be a bank
¿Google bank?
As always technology advancing
What do you think if I tell you that the most used search engine worldwide, the computer giant Google will venture into financial services, another step in the commitment of the technology giants for banking and financial services.
In addition to having all your services online, Google also wants to be your bank, just as you are reading, Google plans to start offering checking accounts services next year. To inform me I had to do a little research to know more about it, what I could find out is that Google already has a financial payment system called Google pay, in a nutshell it already has a little experience; However, it is not the same if we compare it with a bank.
The "Cache" Project, the key that explains that Google will be a bank
So they don't have it easy, I must comment that the project will be endorsed and will have the collaboration of the bank Citigroup another giant but financial, in addition to that will also be involved in the project, a credit cooperative, from the Californian university of Stanford.
With Google's entry into the financial sector I can visualize that is changing a paradigm in the financial and banking market, now to wait as far as it can go, starting with other companies that can also enter that economic and financial career.
As many of you know when this search engine started, you never imagined how big and how far it would go, and as always, it is still looking to expand its horizons with another new project.
I think that between this union of Google and Citigroup both win, but for Citigroup, the alliance with Google will offer an excellent option to increase its clientele in all those places where it does not have a physical presence.
Now all of us know that many of the banks live from the large amount of fees, and commissions they charge for any type of request for transactions that are made from logging in to their portal and make transfers between accounts as well as the simplest to withdraw money by a telecajero. So I ask, will this alliance have another meaning based on those bank commissions?
What do you think?
It will be the competition of the chain of blocks and its benefits in terms of the low costs of this type of tariffs or commissions. I'm not saying that you shouldn't charge, but it will be the same?
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Google is now entering the financial market in a different business model, they may even use cryptos in one of their products and services.
The idea is, traditional banking is now threatened by small and big emerging fintech companies, and they want to have bigger hold on the money supply/cryptos.
We will see how google handles its new venture and how consumers/users will payronize its products.
Hi @guruvaj
Just as LIBRA to Facebook is Cache to Google we should expect what happens in that regard. because the financial porder of the banks do not want to lose their spaces.
Google is expanding every time to new things, in part it could be good for the integration of functions and tasks in the same network, but I think that also compromises security and can generate a kind of monopoly ... what things, maybe Google becomes the new Microsoft.
Hi @pedrobrito2004
But you think that the economic and financial power of the banks will remain with folded arms and will do nothing. I don't think the banks are very calm
I suspect that the economic powers that are behind the banks are going to get on that ship ... some may be a little dinosaurs and try to oppose the modernization and transformation of the municipal economic system, which has the virtualization of the world towards electronic, but in the long run I suspect that those who do not join the advance have to perish.
I am not sure how far Google will go with their plans but they seem to have all it takes to build a financial empire for the whole world. Thanks for sharing this insightful post.
Hi @gandhibaba
I think you are right, however I am sure that the banks and the economic power of the people who run the banks will not remain calm. just like they are doing with Libra
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Hi @lanzjoseg
I'm not sure how serious could we take idea of Google becoming a bank. Especially now, knowing that Libra has been pretty much torn apart so efficiently (which proved that central banks are still in power).
If google alone will challenge banking sector, then I already feel sorry for that Giant. Perhaps Citigroup will be used as a "shield" and collaborating with them could work out for both parties. I still think that it will all finish the way Libra did. With a loud BANG!
Great read. Upvote on the way :)
Have a great sunday buddy.
Cheers, Piotr
Hi @crypto.piotr
It is possible that a strong BANG will happen, but whoever gave the last blow will be the winner, however we must wait for the events, but the idea of google is not bad, in fact I like that idea.
We need to have more information than from Google.
Greetings friend