When is Google Bank coming?
It’s official: ALPHABET, the most famous search engine’s parent company, will start its banking project this year. Known in-house as CACHE, this newcomer will allow users to open a real bank account, similar to that of traditional players. To do so, GOOGLE, an important GAFAM member, is relying on selected partners, starting with CITIGROUP, one of the largest US investment banks.
GAFAM understand the customer experience
Future users will, of course, be able to access and manage their accounts using GOOGLE tools such as GOOGLE PAY, the e-wallet solution. This is the principle of the payment apps that all the GAFAM are developing, the latest being FACEBOOK with its FACEBOOK PAY solution. The principle remains each time to develop a “client-centric” ecosystem, facilitate user transactions, and provide a “seamless” experience until purchase.
AMAZON, an absolute must among GAFAM!
Already present in the insurance and health sectors, as well as the banking sector with its own credit card, AMAZON, another member of GAFAM, is now working on introducing current accounts. An arrival that promises to be sensational given that in just a few years Jeff Bezos’ company has become essential to the 100 million subscribers worldwide. PRIME, the program which combines delivery, music and video, could become a great launch pad for this latest offer. So is all this a threat or an opportunity for the well-established banks? Opportunities initially, since GAFAM currently rely on already-established banking institutions… until they of course decide to dispense with them!
The Main Think
After their recent foray into the insurance market (link: https://www.oney.com/news/un-jour-les-gafa-nous-assureront/), GAFAM is now entering the financial and banking market. Given their knowledge of customer experience and data, they could well shake things up. Unless the major players in the sector reorganise and refocus on the relationship which brings them closer to people, to where they live and to their projects.