CNBC

Google is getting into banking to take back the business it lost to Amazon

Google is getting into banking to take back the business it lost to Amazon

The tech giant is launching customer checking accounts in a partnership with Citigroup and Stanford Federal Credit Union. But analysts say the move isn’t about finding a new revenue stream for Google.

  • novembre 13, 2019
  • Tempo di lettura min.

CNBC

Google is getting into banking to take back the business it lost to Amazon

The checking accounts, first reported by the Wall Street Journal, will be accessible through Google Pay.

“For Google, the deposit account will help with stickiness and additional access to data — customer data is what they make its money on,” Gerard du Toit, a partner with Bain & Company, tells CNBC. “The motivation for these tech firms is not that they expect to make huge amounts of money on payments.”

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