Today's megacorporations are not content to remain corralled in a specific industry—they want to become woven into as many parts of our lives as possible. According to a Wall Street Journal report, Google's next big move is in the world of banking. Starting next year, you may be able to sign up for a Google-branded checking account, which is cleverly code named "Cache." We expect a much more boring name at launch.
Google itself won't be acting as a bank—as with similar initiatives from Apple and T-Mobile, Google will partner with an established financial institution. In this case, Google is allegedly working with Citigroup and Stanford Federal Credit Union, the latter of which is popular among Googlers. Apple has caught some flak from its banking partners for trying to obscure their involvement, but Google will include its partner branding prominently in the service.
Naturally, customers will manage Google Cache from the Google Pay app. This could help increase Google Pay usage, but Google likely has a grander vision for Cache. Consumer checking accounts aren't a cash cow, but the data Google gets from that daily spending could be invaluable. It could tell Google how much money people make, where they shop, and what their monthly bills look like. It remains unclear how many consumers will trust Google to poke around in their financials, though.