Google on Wall Street?
The catch is Google
Julien Courbe, financial services advisory leader at consulting firm PwC , sees a future where more technology companies provide banking services. However, he does not see big tech going at it alone, which could strengthen their case with lawmakers.
Google is following this strategy.
and Stanford Federal Credit Union.
Still, Jackson Mueller, associate director at the Milken Institute financial markets divisions couldn’t even wrap his head around why Google would attempt to move forward with the personal checking account plan “at a time when there is so much political pressure on big tech.”
But the attitude of law makers is crucial.
Anthony Pompliano, co-founder and partner at Morgan Creek Digital Assets, is more optimistic about the company’s chances.
Google must have a sense they can succeed or they wouldn’t subject themselves to regulatory scrutiny, he said.
Tech companies like Google are willing to subject themselves to regulatory scrutiny if “the opportunity is big enough to entice them to go after it,” Pompliano added.
“Google is very serious about this,” he said. “We’ve seen a number of data points which shows they’ve been highly successful with their payment services which emboldens them to continue to pursue these various financial services with their distribution.”
Mueller said “wouldn’t be surprised if in the next month or two we get a public hearing” that focuses squarely on the Google announcement.
“I think what’s happening is that Google is going to continue to build a whole bunch of financial services. There’s no reason why a mortgage underwriter in the future couldn’t say ‘just give me your Google account’ and now I can pull your credit card and banking history,” Pompliano said.
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