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Google Makes The Plunge Into Banking, Checking Accounts Coming Soon

Google will soon offer consumer checking accounts marking its plunge into the pool of Silicon Valley heavyweights who’ve become financiers.

Code-named Cache, the plan is expected to launch in 2020 with accounts run by Citigroup Inc. and a credit union at Stanford University.

Big tech companies in recent years have been making this move toward the financial marketplace. Apple Inc. introduced a credit card over the summer. Inc. is in discussions with banks to offer checking accountsFacebook Inc. is working on a digital currency.

These new ways in which tech companies have envisioned will definitely cause a stir among the banking industry. They are also likely to garner a reaction in Washington among regulators who are engaged in investigations as to whether large technology companies have too power.

Google has taken the unique approach of trying to make allies with the banking industry rather than adversaries. As Google executive, Caesar Sengupta told The Wall Street Journal, “Our approach is going to be to partner deeply with banks and the financial system. It may be the slightly longer path, but it’s more sustainable.”

Google attempted to use a financial services platform in the past. In 2011, it launched Google Wallet, that allowed users to digitally store their credit and debit cards to make purchases.

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About the Author: Aisha K. Staggers is a writer, lecturer, political analyst and literary agent. She appears weekly for “Staggers’ State of Things” on the Dr. Vibe Show. Her work has been published by Paper Magazine, AfroPunk, The Spool, GREY Journal, MTV News, HuffPost, Blavity, Atlanta Blackstar, For Harriet, New York Review of Books and a host of other first-run publications and syndicated outlets. Find her on Twitter @AishaStaggers. For more of her work, check out her page here!

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