Online or traditional checking account? Who should you entrust your savings to? Banks, lenders or big tech giants? These are the main questions that arise when you need to open a current account.
One thing is certain: the tech giants of Silicon Valley continue to give big banks a hard time. Some of them are trying to keep up with the digital innovation of services, but are also “threatened” by the new fintech startups. Changing your business model has become a prerogative for traditional lenders.
Many will know that Google will also target banking services this year: the news started circulating last November after the announcement of the Wall Street Journal. The general manager Caesar Sengupta has in fact presented Cache, the project aimed at improving the quality of users’ online financial transactions and which will give them the opportunity to open a current account.
As you can not help but notice, this new feature will allow Google to access a large amount of information regarding the spending and saving habits of those who use Cache. Data of this type would be extremely important for companies, always on the hunt for new ways to know user preferences, for this reason it is always necessary to carefully evaluate who to entrust their money to.
Before Google numerous other large companies have become interested in this sector, let’s take a few examples.
In 2019 Uber created Uber Money, a service dedicated to drivers, who can monitor their earnings in real time, through a digital wallet. Apple has instead launched, in collaboration with Goldman Sachs and MasterCard, its credit card: Apple Card. This card allows not only to carry out the most common banking transactions, but also to obtain a small cashback of 2% or 3% on the purchase of a new Apple product.
The new financial projects of the Fintech giants are certainly innovative but at the same time they represent ways to collect an increasing number of personal data. This is certainly a risk that should not be underestimated. The degree of confidentiality and privacy of your information is in fact an extremely important feature and you must carefully evaluate it when deciding to open a current account.
If you are looking for a solution to manage your online savings in complete safety, consult our current account offer or contact our experts.