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6 Pages
Summary
  • Google will begin offering checking accounts to consumers in 2020, emphasizing deep collaborations with financial-institution partners such as Citigroup.
  • It’s part of a wave of big tech players (e.g. Amazon, Apple, Facebook, Uber) moving into financial services, looking to tap consumer data and entangle consumers in “super app” ecosystems.
  • Each approach has its own nuances depending on the context of each player and the level of trust it enjoys among consumers.
  • Industry watchers are projecting that big tech could capture as much as 40% of the $1.4T financial services market in the US.
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