Tech giant Google‘s list of shunned services is soaring. The latest on the list is its Plex mobile-first bank accounts service which was unveiled by the company in November 2020. The service was launched in collaboration with Citibank and other financial organisations. Google is now dropping plans to attract its users to the service. According to a report in Engadget, a Google spokesperson has confirmed that the company is revising its approach on primarily offering digital enablement for banks and other financial services firms and not being the service provider for these services.
Google’s Plex was originally unveiled as a convenient mobile-first way to have access to bank accounts. The California-based giant offered the technology and app design while the banks and credit providers took care of the finances. The service was touted as a mechanism to enable financial institutions that didn’t have a robust application to partner with Google and have a wider customer base. This was primarily the reason why giants like Capital One and Bank of America were not covered under the Plex service.
As per Wallstreet Journal, a spokesperson of Citibank said that the banking institution now plans to promote other accounts to individuals who previously signed up for the Plex waiting list. The list of individuals who signed up for the service touch a whopping 400,000.
It is also important to note that while Google is shutting down the unsuccessful Plex service, it still intends to exist in the financial service domain with apps like Google Pay. The company in India already ranks among the leading digital payment providers.
The Google spokesperson added that the company firmly believes that it is the best way for Google to empower consumers with improved access to financial services and support the financial services ecosystem to integrate more strongly with its customers in a digital environment.
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