MOUNTAIN VIEW, CA — Google is preparing to move into the consumer banking business.
The Wall Street Journal reports the search giant will offer checking accounts next year.The newspaper claims the accounts will be run by Citigroup and Stanford Federal Credit Union.
This isn’t the first attempt Google has made to enter the financial services realm. It created Google Wallet in 2011, but rolled it into Google Pay in 2016.
Big tech companies have been trying to get into personal finance.
Rival Apple just recently offered its own credit card and Facebook is working on cryptocurrency.Critics worry about the amount of personal data the big tech firms are collecting on consumers.
Apple is already facing a probe into its credit card for potential gender bias. New York's financial regulator is opening up an investigation over the algorithms for Apple's new credit card over claims of gender bias.This comes after tech entrepreneur, David Heinemeier Hansson said Apple's card gave him a much higher credit limit than his wife received.