- The financial partners working with Google include Citigroup and Stanford Federal Credit Union.
- The project Cache is co-developed by Google, banking sectors and other financial unions.
The Information giant, Google is gearing up for all new ventures in the banking sector and personal finances to try out its luck in the same domain. This program is named Cache which is developed to give checking accounts and information on personal finances in the coming year shortly. The project Cache is co-developed by Google, banking sectors and other financial unions, in which all the processes and directives would be handled by the banking sector itself including those of the Checking accounts provided.
The plan is such that the whole processes regarding the project are done by the banking sectors and unions but the product of checking account will be given in the name of Google, the same is already adapted by Apple with Goldman Sachs, where Apple credit cards are given to Apple users for purchase on Apple products but all the technical issues are maintained by the banking giant Goldman Sachs. Caesar Sengupta of Google spoke about the new initiative and focused on the thought that financial partners will provide the first-hand service to the users of checking accounts as in front-and-center for the financial products.
Although Google is not at all doing any work from its side or maintenance, it aims at gathering information on the same topic to provide better solutions when the users are using the checking account. As a return gift, Google is planning to give out loyalty programs, on the already given financial services, it hasn’t decided about the fee structure yet.
Google Pay the already existing brainchild of Google provides simple financial service of transferring funds for more individuals account to another individuals account, which also does the job of payment tracking, Google’s rivals Apple has also come with Apple Card which gives out credit for the users to buy the Apple Products, Facebook has also devised a program for the same as internet banking and recently it has come up with the plan of Cryptocurrency Libra which is yet to be released .
The financial partners working with Google include Citigroup and Stanford Federal Credit Union whose aim is to attract the millennials and technology-focused audience who on day to day use online tools for shopping and fund transfers. As per the executive Caesar Sengupta, this program will help google to formulate and process a large number of data and execute it in its favor.