Google wants to be your new bank

Google promises that they will not sell the account holders' financial data. Instead, this is meant to add value to customers, stores and banks even with services such as loyalty programs. In a talk with the Wall Street Journal the company's Caesar Sengupta also pointed it out as a way to further digitize the banking world. "If we can help more people do more things in a digital way … it's good for the internet and good for us," he said.

Whether officials see it the same way is another story. Bank accounts include extremely sensitive information by nature, and governments will want assurances that Google will not deceive this data, expose it to security risk or abuse it to maintain its Internet dominance. Competitors like Facebook are already facing their financial plans ̵[ads1]1; Google may encounter more of the same. Combine that with ongoing antitrust investigations, and Google may have to go out of its way to prove that its control accounts will help more than they hurt.