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

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 28 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 51%

United Kingdom News News

United Kingdom United Kingdom Latest News,United Kingdom United Kingdom Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in UK

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

'People are seriously pissed': Inside Google firing a top AI ethicist - Business InsiderInside Google's firing of a top AI researcher, and the academic paper that started the battle: 'People are seriously pissed' nice I love it when these folks find out they’re working for a publicly traded company and not some university/etc — welcome to the real world of actions and consequences. Neuralink will be in next job
Source: BusinessInsider - 🏆 729. / 51 Read more »

How a year of rising tension inside Google led to its first union - Business InsiderGoogle once stood for 'Don't be evil.' Insiders describe how it spiraled into a culture of mistrust that helped build a union aiming to keep management in check. thanks Google is EVIL. They may try to show it otherwise, but ask the black folks and other minorities who work there how they feel about working in this Gulag. It’s too big, needs to be regulated.
Source: BusinessInsider - 🏆 729. / 51 Read more »

How a quest to build ethical AI detonated a battle inside Google - Business InsiderGoogle employees consider jumping ship for Facebook and Microsoft after firings, reorgs and mounting tension in its AI division Google/YouTube are crooks. They stole my 9/11 video. They disrespect 9 /11 survivors. 911TribMuseum techinsider not sure they're going to be satisfied with the state of ethical AI at FB techinsider Jumping ship? That is really funny. They must be reading the stuff I write? And it is also the reason why sundar is in charge - gummy and slopey made a huge devious mess then jumped ship.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Inside the ultra-premium aircraft Singapore Airlines is using for world's longest flight - Business InsiderThe new world's longest flight is getting an upgrade as Singapore Airlines builds back up in the US — see inside the luxurious plane
Source: BusinessInsider - 🏆 729. / 51 Read more »

Inside Red Cedar, a new quant hedge fund from Alexander Chernyy - Business InsiderHow this new hedge fund led by a former WorldQuant and Jefferies executive is uncovering new datasets to avoid the pain that hit quants in 2020
Source: BusinessInsider - 🏆 729. / 51 Read more »

GPS data shows Trump supporters made it deep inside US Capitol - Business InsiderGPS data tracked 618 videos from Parler users inside the US Capitol last week. The mob made it deep inside the building. Well no kidding... That's what happens when the authorities welcome them in, and then directs them to the House Floor. OH! And lets not forget about the selfies the cops took with 'protesters' either.
Source: BusinessInsider - 🏆 729. / 51 Read more »