Google pivot away from bank accounts shows why finance is a tough industry for tech giants

One scientist suggested that it is better for Google banks to work than to run them.

Google will close its bank accounts for nearly two years after announcing its intention to invest in sales. Another important point: Bill Ready, CEO of a new company, has decided that according to someone who knows the decision, he will create a digital bank with a payment platform and not compete with the company.

In recent years, bank executives and retailers have been shocked every time a massive tech giant is released into economic intervention. For good reason: tech giants can reach hundreds of millions of users with their data and succeed in ever-changing businesses such as media and advertising.

But the truth so far has proved to be unstable. Although it was reported that Amazon needed bank accounts in 2018, the plan is not over. Uber ended its fintech goals last year. Facebook had to give the program a name because of the problems.

“We are focusing more on providing digital opportunities to banks and other financial services providers instead of providing those services,” a Google spokesman said in a statement.

Google, owner of parent company Alphabet, can help banks provide customers with secure online shopping methods, including special cards and one-time AIDs. It is a company that cares about a company that refuses to discriminate when it comes to business ideas. These methods check the theft and security of credit card user numbers.

Google may have finally decided that a study by Mike Mayo, a banking analyst at Wells Fargo, on Friday found it unsuitable to compare existing and future customers with their various businesses, including annual services.

In recent years, Google has looked at other tools in its annual business, leaving both Amazon and Microsoft lagging in terms of market share. This year, director, led by Thomas Kurian, who along with Google CEO Sundar Photos has repeatedly asked for financial services for clients they hope to attract.

“Banks are concerned about the business environment, and I think Google officials may find evidence that banks do not know what Google will do,” said Peter Wannemacher, a consultant for Forrester Research in the banking sector. “They have invested more in the bank than they can sell to consumers.”

He said that if he is part of a bank on the client-side, he can set big rules and keep an eye on the convention. He also said the public was skeptical of many scientific societies.

“It’s hard to get financial support,” Wannemacher said. “Everyone knows that, but it’s often more stressful and addictive than people expect.”

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