What if Google starts online bank? This question has been in my mind, but it seems like also
some other peoples mind lately. If you ask me why they should do it, here are three reasons why Google should do it. And money is not the issue here.
- They have huge customer base
- They know us better than any other bank
- They have the most up to date systems
Ok, let's slice it. First, Google has millions of private customers, they have millions of SME's as customer, they have millions of corporates as customer. They already provide a bit like banking solution. If I put Google add to my own private homepage,
I get paid. If I advertise my company online, I pay for Google. This means, they might have some kind of robust account system behind.
Secondly- Google just knows you lot better than your average bank. In basic bank, customer information is not consolidated in one place, but several independent places. Average bank is not one unit, but several units which hardly ever talk over bank silos.
That is not the case for Google. To them customer is center point and products support customer.
Thirdly- average bank has legacy system inherited from 1970's. Google has most up to date IT systems. For them running banking worldwide is no brainer, but for average banks it is just too complicated.
Finally what they are missing is banking license. Should they get it or not, that is up to them to decide. If they do, there are several things what they still have to do, but should your average bank be worried. I say, hell yes!!