Jessica Ellerm is a thought leader specializing in Small Business and the Gig Economy and is the CEO and Co-Founder of Zuper, a neowealth disruptor in Australia
If the rumours that Google will be releasing a debit card in the near future are true, which, let’s be honest, it feels incredibly likely, then this would significantly change the fintech game, and in more ways than Apple’s previous announcement.
Many of us have allowed the slow but sure creep of Google into our lives, so it seems logical we’d eventually accept Google as a financial brand. However while there are lots of reasons why Google would want us to use their debit card (better predictive analysis for ad targeting, new revenue streams etc etc), there will need to be a strong reason for consumers to buy in.
It’s one thing letting Google Home into your living room, let along letting the search giant know what you spend on. Mind you, Google’s predictive engines are getting so powerful, the ability for them to probably figure out what we spend on now, without even looking at our bank accounts, is probably pretty good.
So what could Google offer us, to entice us away from our Revolut’s, Monzo’s and other snazzy fintech apps?
Well, quite simply, they could make it absolutely free, or pay us to use them.
The world is entering into a very strange time. Millions of workers are unemployed, and industries, which have died overnight, will face a significant uphill battle restarting (travel, anyone?). Never before have we cared so much about tightening our purse strings, and getting savvier with our money.
How we spend and the data that goes along with that is valuable. Of course, no tech giants want to pay us for it, but perhaps consumer sentiment towards this is changing?
This week, in Australia, the treasurer, Josh Frydenberg has spearheaded a push to force global media businesses, like Google and Facebook to share advertising revenue with Australian media companies, who it says drive significant traffic to the advertisers while realising none of the benefits. It is an absolute watershed moment for the industry, and many are watching very closely. The tech giants had, as one can imagine, argued against this strongly. In the end, they were forced.
These publishers know the value of what they are creating, and how tech giants are monetising it. And now they will have a slice of the pie.
Faced with a shiny new financial toy from Google, will we be as savvy?
New readers can see 3 free articles before getting the Daily Fintech paywall. After that you will need to become a member for just US$143 a year (= $0.39 per day) and get all our fresh content and our archives and participate in our forum.
