Google won’t launch a traditional bank because of the associated costs and regulation, but these hurdles won’t stop the firm from redefining the future of financial services, according to a new Forrester report.
The report, written by Forrester analyst Oliwia Berdak, postulates that Google will likely become a financial services hub that facilitates the relationship between the consumers and providers of financial services, causing disruption in four areas: payments, money management, product comparisons, and financial advice.
“Google’s reputation as one of the most disruptive firms in the market, have left many digital financial services executives worried about a potential new rival: Google Bank,” writes Berdak, in a blog post. “Unfortunately, they’re asking the wrong questions.”
No so much it would seem.