How revamped Google Pay app will affect the US banking industry - Business Insider

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Google Pay's revamp will threaten challenger banks, as many of its upgrades replicate tools at the center of their value propositions

offerings, and massive scale, essentially robbing neobanks of their competitive advantages. And while the Plex accounts are new, Google's established reputation could be more attractive to consumers than a neobank that is still scaling, especially given existing trust in big tech companies: of global respondents to a 2018 Bain study indicated they trust at least one tech company more than their own bank, for example.

Incumbent banks, however, won't be as impacted by Google's entrance, and its partner banks will directly benefit. US incumbents have huge customer bases and a wealth of expertise in navigating the regulatory complexities of the banking sector, which big tech companies like Google lack. And banks that offer accounts through Google Pay will enjoy widespread exposure, which will be a boon for its smaller partners in particular. It's therefore likely that more banks will join the roster of partners over the course of next year.

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GlobalMegaVigil This generation has run to the things of the world first instead of Prioritizing Righteousness first. 8. 이 세대는 의로움을 우선 시하는 대신 세상 것들에 먼저 달려갔습니다.

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