The search engine giant has announced its intentions to get involved in the banking industry in the coming year. They have been actively working on the project, known as Cache, with the prestigious financial institution Citigroup, as well as the Stanford Federal Credit Union. Google will allow consumers to set up fully-secured online checking accounts with them in order to have more convenient access to their finances. Google plans to brand the checking accounts with Citigroup and the Stanford Federal Credit Union’s name instead.
Google will try to avoid the problems that have plagued fellow tech giants Apple and Facebook. Both of them have faced severe scrutiny over the security and consumer privacy of their services. According to company executive Caesar Sengupta, Google has no intention of selling its consumers’ financial data and wants to simply help people do more things online.