Google is preparing to launch its bank. To be more concrete, the company intends to partner with Citigroup to provide its users with bank accounts.
Following Apple's footsteps with the latest Apple Card, Google believes this is the most important step in the market right now. However, it is also worrying and you will understand the reason.
Google bank should be free because they want something more
Google intends to create a bank at no cost to users. At least at first glance. This is because the ultimate goal is to know how much money the user has and where they spend it.
That is, like other Google services we have on the market, such as Maps, Google Photos, or anything else, the service gives Google even more data about our lives. In short, "when the product is free, it is because the product is you!"
This in order to send us advertisements indicated for us. At least for now. This is because so far Google's responsible executives are "not bad people."
The future is uncertain and your information is worth money.
Imagine that in a few years Google's executive board will turn to people who want to make even more money from your information? Have you ever wondered what they can access?
With the creation of a bank, Google gets the details it does not have yet. How much money users have in their account.
For Google to be able to create a bank it will have to go through a lot of regulators and the main concern is that. The company's monopoly will be further enhanced by knowing how much money its users have and where they spend it. Therefore, we will have to wait and see and see how far the giant company will achieve such a feat.
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