Google shuns its Plex banking service
Tech giant Google’s list of avoided services is skyrocketing. Last on the list is its Plex mobile-first bank account service which was unveiled by the company in November 2020. The service was launched in conjunction with Citibank and other financial organizations. Google is now abandoning its plans to attract its users to the service. According to a report in Engadget, a Google spokesperson confirmed that the company is revising its approach of primarily offering digital empowerment to banks and other financial services companies and not being the service provider for those services.
Google’s Plex was initially unveiled as a convenient way to access bank accounts. The California giant came up with the technology and design of the app while banks and credit providers took care of the finances. The service was touted as a mechanism for financial institutions that did not have a robust app to partner with Google and gain a larger customer base. This was mainly the reason why giants like Capital One and Bank of America weren’t covered by the Plex service.
According to the Wallstreet Journal, a spokesperson for Citibank said the banking institution now plans to promote other accounts to people who had previously signed up on the Plex waitlist. The list of people who signed up for the service totals a whopping 400,000.
It’s also important to note that even though Google is shutting down the unsuccessful Plex service, it still intends to exist in the financial services arena with apps like Google Pay. The Indian company is already among the leading digital payment providers.
The Google spokesperson added that the company strongly believes this is the best way for Google to give consumers better access to financial services and support the financial services ecosystem to integrate more strongly with its customers. customers in a digital environment.
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