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Banking with Google

Regulators need to be watchful about sensitive financial data

Business Standard Editorial Comment 

Reports that Google intends to enter the consumer banking space through a partnership with Citibank did not cause any surprise, because many tech firms are looking at the consumer finance market. However, there are genuine concerns about the implications for data security and data sovereignty if this happens.

The search engine giant would gain access to vast, new, highly sensitive datasets if it became a banking service provider. It is unclear what it intends to do with that data. Recent revelations that Google had discreetly gained access to the health data of at least 50 million ...

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First Published: Sun, November 17 2019. 00:26 IST
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