Google will offer US consumers bank accounts next year, as the tech industry continues to broaden into the financial services sector.
One IT professional in the UK banking sector said: “If the big tech firms like Google and others wish to get into specific financial services, they have the power to beat the banks. But increasing regulation and deglobalisation of financial services may put them off.”
Since Apple has launched their card, more tech companies are coming to the game. Since Apple Card’s launch in August, it has lent out $10bn in credit to its users, with current loan balances worth more than $700m, according to a regulatory filing from Goldman Sachs.
Read more: Google to launch bank accounts in 2020