Google (or perhaps more accurately its parent company Alphabet) steadily moving into banking raises some interesting questions about privacy, consumer protection, and ultimately even antitrust. Google's expanded services encompass nearly every part of our lives: transportation, internet, mobile devices, apps, services, advertising, marketplaces, and now even the very transactions underlying these goods and services. Are you interested or even excited in this potential new service? Does public policy need to play a stronger role? Is this ripe for antitrust litigation?
With news of Google launching checking accounts, we have further proof that on a long enough timeframe, every company’s ultimate destiny is to become a bank or sell ads (or both).