Google eyes banking as it widens its reach

[brooklynite]

Source: Washington Post

Google is wading into the highly competitive world of banking, adding to its long line of businesses as regulators scrutinize tech giants for potential anti-competitive concerns.

The web search giant announced Wednesday it will offer checking accounts beginning next year through a partnership with Citigroup and Stanford University’s credit union. Consumers will access their accounts through the Google Pay mobile app, meaning the service won’t compete directly with traditional banks that have storefronts seemingly on every corner.

The arrangement will give Google a potential trove of new data about spending habits, income and other details, valuable for better understanding consumers. But it will probably face scrutiny as part of a broad investigation of Google from regulators and state attorneys general.

Known as Cache, the banking program was reported earlier by the Wall Street Journal.



Read more: https://www.washingtonpost.com/technology/2019/11/13/google-eyes-banking-it-widens-its-reach/

[intrepidity]

1. I thought

[mysteryowl]

2. Such non-sense!

Why do these behemoth companies need to own the world? It is not unlike Walmart buying death insurance policies on their employees and when they do die, they keep it for themselves.

[ancianita]

3. No AI in banks or government!

[Bernardo de La Paz]

5. AI in banks was one of the FIRST applications of AI.

Loan applicant scores.

[ancianita]

7. A lot of info is in fiction. I recommend Matthew Mathers' "Darknet." Still applicable and

more than possible.

AI needs monitoring, auditing and strict regulation.

What banks do, what AI's massive databases do can extend to government.

You might as well give up on politics and human governance if you think this is natural and unstoppable.

[democratisphere]

4. Won't be long till we are dealing in boogle dollars and fakebook francs.

[Rebl2]

6. No, just no

to google banking.

[Lonestarblue]

8. It's long past time to stop allowing big tech companies to monopolize the market.

If only we had a functioning Congress and president!