It's All About the Data

Good Morning,
Earlier this week, Google announced that it was entering the world of banking. While they aren't the first domestic tech firm to dive into the finance business they are bringing to light of a current trend that has been going on in front of our eyes. BBC posted an article earlier this week highlighting this recent move by Google and pointed out a couple of interesting points:

  1. Google and Apple are both offering credit cards, but now Google is targeting bank accounts
  2. Google teamed up with JP Morgan for this recent move
  3. Google pay doesn't seem to have been as successful as Apple pay might be

The article breezed over three things that should stand out. First, despite our tech companies being considered leaders, they are copying some of the tactics that some of the Asian tech companies have done entering the area of finance. The second topic glazed over is how valuable our data truly is. Think about how a company that has access to your payment, income, and preference can start to market products to you that fit your needs. Or they become so much of an integral part of your life that you are forced to pay for their services that at one time might have been free. Finally, their entry into the financial services area shows how commoditized the industry has become, but it also presents an opportunity that this area might see some innovations in the future.

All in all, this is probably a move that down the line might be the catalyst for changes that none of us could conceive or leave us in a conglomeration of black mirror episodes.

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