Google probably already plays a big part in your life but the tech giant isn’t quite satisfied with its current internet dominance. Google plans to expand into the finance and banking fields this year as well. In November, the Wall Street Journal reported that Google was working on a project, called Cache, to partner with credit unions and banks to offer checking accounts to consumers.
Project Cache is set to launch sometime this year, but details are still relatively light. Here’s what we know so far, and we’ll keep you updated as new information comes out.
The Google Cache Project
Google is partnering with Citigroup and Stanford Federal Credit Union to underpin their initiative. The Stanford Credit Union is a 15-minute drive from Google’s California headquarters, so it was a natural fit.
Some of Google’s top competitors, such as Apple, Amazon, and Facebook, have taken big strides in personal finance in the past few years, so it should be no surprise that Google is throwing its hat into the ring. The project, when launched, will work through the Google Pay app, which the company is looking to drive users to.
Google is already a leader in data collection, and Cache should only add to its… cache. Caesar Sengupta, an executive with the company, told the Wall Street Journal that Google will not be selling any personal data collected through Cache. However, checking account information will obviously provide some important consumer insights.
Depending on how the details of Google Cache shake out, a lot of consumers could welcome a banking alternative. Only 30 percent of Americans have full confidence in banks, according to data from the American Enterprise Institute.
In August the company took its first concrete step toward rolling out online banking, unveiling checking accounts that will exist within Google Pay. The Google checking accounts are supposed to launch sometime next year, according to The Verge, and Google is partnering with eight banks to support the initiative. Outside of that, few other details have come out thus far.
The future of Google banking may be exciting, but for now, we’ll have to wait for the company to announce it’s next steps. In the meantime, read up on the pros and cons of online banking to get a general idea of what you might be dealing with.