Google plans to launch checking accounts through a partnership with Citigroup, Stanford Federal Credit Union, and a number of other financial partners. The secret project has a code name called ‘Cache.’ The checking accounts will still feature branding from the likes of financial incumbents such as Citibank and Google will only work behind the scenes.
Google is likely entering into these partnerships to increase its insights into consumer purchase behavior and consumer finances more broadly. Google is primarily focused on data to feed its core ad business, and less so on acting as a full-fledged bank.
Google will be privy to everyone’s finance behavior. Combing personal data like spending habits is just another extension of surveillance capitalism.