New banks

Google to start offering bank accounts in 2021

  • Rumored for months, Google is launching bank accounts in partnership with banks.
  • BBVA, BankMobile, BMO, and Coastal Community are among the first banks announced in the program.
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Google to start offering bank accounts in 2021

Rumored for months, Google is indeed going to start offering digital bank accounts via Google Pay.

The new bank account: BBVA, BankMobile, Coastal Community Bank, and BMO have all announced this morning that they are collaborating with the search giant on a new checking account product.

  • When launched in 2021, the co-branded, FDIC-insured digital account will be offered via Google Pay and built on top of multiple banks’ infrastructure.
  • Google will provide the front-end UX and provide insights into spending and personal financial management options.

BBVA

“When we launched our new 5-year strategic plan in January, we said that two key pillars were to reach more customers with our digital offerings and use our expertise in finance, digital and innovation to help them improve their financial health,” said BBVA USA President and CEO Javier Rodríguez Soler. “This collaboration with Google is fully aligned with this effort – even
more so in today’s world where the ability to conduct your financial life in a digital manner, from account opening to transacting to understanding financial health, is an imperative.”

Bank Mobile

“We are thrilled to be collaborating with Google to offer our customers enhanced digital bank accounts,” stated Luvleen Sidhu, Co-Founder and CEO, BankMobile. “Today, BankMobile serves approximately one in every three college students through our relationship with ~800 campuses across the country. By collaborating with Google, we can provide millions of college students across America with an even better banking experience to help them manage, save and grow their money.”

Coastal Community Bank

“These digital accounts will enable Coastal Community Bank to better serve its expanding footprint with helpful products that enable customers to easily manage their finances,” said Eric Sprink, CEO of Coastal Community Bank.

BMO

“This collaboration with Google is a fantastic next step in BMO’s growth strategy,” said Ernie (Erminia) Johannson, group head of North American Personal and Business Banking, BMO Financial Group. “Google Pay allows us to reach new customers and extend the BMO brand more broadly through a platform that helps customers make real financial progress. We continually seek partnerships of this nature that allow us to accelerate growth through customer-centric innovation.”

1 comments on “Google to start offering bank accounts in 2021”

  • Google has figured out it’s smarter to partner with a multitude of banks as opposed to just a standalone bank – this affords them the ability to make more money.

    Google can provide banks with intuitive interfaces and the ability to make better use of customer data and client onboarding that will in turn enhance the consumer experience.

    In return, Google gets from banks security, reputation, and legal compliance experience that banks and financial institutions already are known for.

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