Google is teaming up with six more banks to support its digital banking efforts - Business Insider

Google is teaming up with six more banks to support its efforts to offer digital checking and savings accounts.The new partners — BankMobile, BBVA USA, BMO Harris, Coastal Community Bank, First Independence Bank, and SEFCU — will join Citigroup and small lender Stanford Federal Credit Union, which Google announced as partners in November 2019.

Unlike neobanks that tend to downplay sponsor banks in favor of pushing their own brand, Google will cobrand its banking services with its partners. Here's how that will be a boon for all parties: Partner banks will benefit from greater visibility and Google's tech capabilities. A cobranded offering means partner banks will be able to grow their account numbers through the Google collaboration without forfeiting too much visibility among customers. Of note, this will mean less control over the client relationship, as the consumer-facing front end will be under Google's control.

Prominent cobranding will allow Google to piggyback on its partners' perceived stability and reliability as incumbent banks. This could assuage the doubts of prospective customers who are unsure whether they are comfortable taking out bank accounts with a big tech company that is otherwise unproven in the financial space.

The firms that will take the biggest hit if Google is able to launch a successful digital banking play will be digitally native neobanks.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Inside story: Humana's $100 million bet on telehealth startup Heal - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Источник: BusinessInsider - 🏆 729. / 51 Прочитайте больше »

How AWS, Azure, and Google Cloud are capitalizing on accelerated digital transformation - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Global, eh? Where is China's cheap rip off?
Источник: BusinessInsider - 🏆 729. / 51 Прочитайте больше »

Varo is officially the first US neobank to receive a national bank charter - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. LendingClub bought out Radius Bank and that’s how they went into banking without needing to apply for a banking charter $LC Meanwhile, when will Square get a banking charter? $SQ
Источник: BusinessInsider - 🏆 729. / 51 Прочитайте больше »

Bank of America accidentally sends out erroneous fraud notifications - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Is that bad for business, Mr. Buffet?
Источник: BusinessInsider - 🏆 729. / 51 Прочитайте больше »

Q2 earnings show much boutique banks are saving on travel expenses - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Источник: BusinessInsider - 🏆 729. / 51 Прочитайте больше »