원문 보기
hey did you know I have a real estate investing crash course happening Saturday linked below check out the other online courses as well Google will soon start offering you checking accounts but I have a feeling the program will fail much like a similar prior program has failed from Google let's talk about it because after all this is the mee or in today's episode possibly news that doesn't make you money in fact Google's a checking account endeavour is followed up by their endeavor into a credit card and insurance shopping marketplace which closed down after just one year of Google having open to the program Google mostly made money by referring people insurance and credit cards through their platform however they shut down that program and I personally wonder if something similar might happen to their checking account plans now this is breaking news the Wall Street Journal just broke this this is a secret project codenamed cash which by the way would kind of be a cool name for the platform itself if they end up going with that right now it's just the code name for the project but that's cash as in a CA CH e which is usually like a collection or an arsenal of weapons but it's pronounced like cash C we're gonna go with this Google cash I could see it I like it you know Apple pay Google cash Android pay I see where this is going but anyway this is probably one of the latest announcements and really the FinTech a community which in case you're not familiar FinTech is a financial technology service and there have been a lot of big pushes into fin tech as of late obviously we know about commission-free trading with Robin Hood which turned upside down charging for trades at companies like Charles Schwab TD Ameritrade and fidelity which now all offer free trading on stocks but we also have companies alike wealthfront and a betterment offering very high yield savings accounts attracting a lot of people's money who are looking to park a cash and get that sweet 1.8 2% yield now that yield was a lot more juicy when the Fed had their rates higher the yield used to be closer to 2.5% but one point eight two percent on your savings is still pretty dang good and companies alike a betterment and wealthfront try to use getting people into their savings accounts as sort of a Trojan horse to get you to realize Oh betterment and wealthfront also have investment options that is you could use their Robo advised services to buy ETFs like even Vanguard funds which obviously brings up Vanguard the company itself which is completely revolutionized and in my opinion basically killed the mutual fund that might upset some people but and the FinTech community Vanguard is definitely one of our leaders so then in a world where Apple has the Apple card which has been in the news recently for potentially having a sexist algorithm driving its credit decisions that is how much credit somebody gets with the Apple credit card shortened to Apple card and then of course Amazon's had credit cards for quite a while although most of them are issued either by synchrony bank or Chase The Wall Street Journal announces that Google might be jumping in as early as a next year with a personal checking account but there are three reasons why I think the personal checking account might be a terrible entrance for Google into the FinTech community and might ultimately fail much like their insurance and credit card marketplace first things first it looks like a Google's program cash would be backed by some local credit unions and a citi bank which a Citibank is great because that means you would have access presumably with debit cards to your checking account or maybe even savings accounts by being able to go into any city branch now the part that you get a debit card with Citibank is just speculation but the Wall Street Journal a does report that this program will be run by a Citigroup and a credit union at Stanford University which anytime I hear Credit Union I get excited because I usually think that credit unions imply more flexible and more exciting offerings in fact you know those companies that I mentioned like betterment and wealthfront a lot of them are able to get the yield they offer you by spreading their assets amongst multiple different high yielding credit unions throughout the country so that does give me a little bit of optimism but usually when I hear that a company is starting with a checking account I'm not really excited because what can you get out of a checking account other than really no fees now we know that Google is famous for free everything free calendars free email whatever they've only recently began charging for their Google Drive a storage but free checking doesn't sound very exciting to me I think they're gonna need something a lot more interesting and sexy if that's even the word you could use in FinTech to appeal to a lot of consumers and actually get people to open up their cache to Google Cash now I will say Google cache could end up being extremely convenient and might help those 20% of people in America who don't have checking accounts finally get checking accounts these are known as unbanked consumers and they generally cash and carry everything now on the other hand the city bank is known for having the city double cash card which gives you two percent cash back on effectively all of your purchases which is amazing I've only recently stopped using in a favor of the chase of freedom unlimited card for my everyday purchases where when I bundle it with the Chase Sapphire reserve I'm getting 2.25 percent back on my cash now while I think setting up the Google cash account might end up proving to be as convenient as opening or even logging into your Gmail heck it might even be part of your Gmail which there aren't a lot of people who don't have emails I would venture to guess there are more people who don't have bank accounts that have emails which is somewhat mind-blowing but I do believe that in fact according to the Pew Research Group only 10% of Americans do not use the internet but we have 20% of people who are unbanked and website status now says that eighty nine point six percent of people have sent at least a one email given how easy it is to open an email account I think it's safe to say people have their own emails now why am I so negative about Google cash well let me just be blunt number one I really don't think people are going to sign up for Google cash unless they are incentivized to do so people can take the same effort and open up a high-yield savings account at wealthfront or betterment or even now Robin Hood these are them places people can trade stocks for free or invest in ETFs extremely inexpensively in fact I only just recently begin using Robin Hood and I have to say I'm absolutely blown away with how easy it is to place trades and how comfortable the app is to use in fact if you've never used Robin Hood I encourage you to check out the Robin Hood link down below open an account and just for opening an account you will get a free stock valued anywhere between I believe it's one dollar and five hundred dollars I just recently opened up 10 free stocks and each of the stocks were worth between three and eight dollars which was really cool thank you for having used by late I really appreciate this support it's awesome I bought my son a nerf gun with that money so in other words unless Google offers something exciting like rewards or start trading high-yield savings I don't see why people are going to care about Google cash now there is hope that they will offer something exciting but honestly if they were going to leak the program they should have probably leaked the program with a little bit of a dangling carrot that's at least somewhat exciting because right now this is somewhat boring now the second reason it'll probably fail is there is a lot of drama going on right now especially in the political community about trusting larger companies in the tech space primarily Facebook and getting grilled with its potential cryptocurrency Libre they're getting destroyed by Congress about privacy concerns and folks I hate to say it but Google is really no different Google has always been known for doing anything it possibly can to mine your data and then need to say it but advertise to you and if you think I'm speculating on that the Wall Street Journal article says Google is setting its sights fairly low checking accounts are commoditized product and people don't switch very often but they contain a treasure trove of information including how much money people make where they shop and what bills they pay which sounds like really juicy advertising info now while I'm throwing a little bit of shade in terms of how people might trust a Google I will say that at least in this Wall Street Journal article they said 58% of people recently surveyed said they would trust financial products from Google that was better than Apple and Facebook but a worse rating than Amazon that is if we can rank this people trusted Amazon the most with financial products then Google then Apple and Facebook and lastly while I've already sort of alluded to this this could pretty much destroy any hopes of Google getting into banking or being related to banking our political environment just might not allow it at this point now we'll see because why can wealthfront and betterment and Robin wood create these services but Google not be allowed to do that I don't know fully speculating here and I'm not taking any political side I just feel this might be a little bit of a tumultuous time to introduce this and quite frankly this could be a brilliant move by Google to test the market and see what reactions they're getting to they're codenamed project cash now look while I might be coming across as a little bit negative about Google cash I think it's probably going to be a really cool product and I can envision a day in the future where Google cash has Google stock trading and Google ETFs and Google whatever but again unless they start offering some sweet sweet rewards right out of the gate they deal with people's concerns about privacy which I mean right I'm gonna just be blunt here until the Twitter debacle just happened I'm one of those people who wasn't always really worried about privacy I mean I pretty much YouTube and Instagram my life but again now that the Twitter thing has happened I think privacy is right at the fore fronting ken and politically who good luck Google ok Google thanks for watching press subscribe and please don't demonetised this video since I just realized I'm uploading a critical video of Google to a platform that Google owns
Comments 0