Do Consumers Want a Google Checking Account? With their acquisitions of First Data and WorldPay, Fiserv and FIS have access to a wide range of merchants, and they certainly have strong technology resources (and can acquire what they don’t have in the way of AI and other emerging technologies).īut what these-and other vendors in the banking space- don’t have is the ability to: 1) Attract consumers like Google can, and 2) Integrate banking into the search and browsers experiences like Google can. What they won’t disagree with is that those platforms don’t match up to what Google is offering. These vendors supply richly-featured, well-designed digital banking platforms-although some bankers will disagree with that. So the vast majority of banks and credit unions turn to technology vendors like Fiserv and FIS for their digital banking platform needs. They don’t have the: 1) Data that Google has 2) Merchant relationships that Google has and 3) Technology resources and capabilities that Google has. Google Plex is what banks want their mobile banking app to be: The hub for their customers’ payments and financial management activities.īanks have three challenges in making that happen, however. The Google Plex account, slated to launch in 2021, basically integrates a checking account into the Google Pay app. Google Plex: The Digital Banking Platform Banks Want With Photos, it uses optical character recognition (OCR) to automatically read receipts and associate them with the correct transaction. Insights scans through transactions rather than requiring users to manually enter and/or categorize them.Īnd the redesigned Google Pay app can access users’ Gmail and Google Photos accounts to automatically scan for receipts. The third tab, Insights, provides Google’s version of personal financial management (PFM) tools available in many banks’ digital banking platforms today-with some important differences. In addition, the new Explore tab has a QR and bar code scanner enabling users to scan a product in a store and use Google Shopping to buy it somewhere else.ģ) Insights. To redeem the offer, users simply need to use that card.Īnd if users redeem a cashback offer, the money goes directly into a Google Pay account. Users can associate an offer with any credit card stored in Google Pay.
The default option lets users see generic offers, but gives them an option to receive customized offers based on their spending activity.
0 kommentar(er)
