Google is going to partner with banks to start offering checking accounts. Techcrunch reported that the consumer service will begin next year.
The initial financial partners that Google is working with include Citigroup and Stanford Federal Credit Union, and their motivation per the WSJ piece appears to be seeking out and attracting younger and more digital-savvy customers who are increasingly looking to handle more of their lives through online tools. Per Sengupta’s comments, they’ll also benefit from Google’s ability to work with large sets of data and turn those into value-add products, but the Google exec also said the tech company doesn’t use Google Pay data for advertising, nor does it share that data with advertisers.
Check It Out: Google Will Offer Consumers Checking Accounts