Google reportedly shelved plans to offer and pitch bank accounts to users, pulling back from its Plex project almost a year after first announcing the move.
According to the Wall Street Journal (WSJ), Google has “abandoned” plans to use its technology to offer bank accounts to its users, with a company spokesperson stating it was “updating” its approach to focus primarily on delivering digital enablement for banks and other financial services providers, “rather than us serving as the provider of these services”.
Google unveiled Plex in November 2020, partnering up with Citibank and other financial institutions, outlining plans to offer a mobile-first approach to open bank accounts.
Through Plex, Google would provide its technology and app design, allowing users to open accounts with banks and credit providers.
While allowing Google a route into financial services, it would also help traditional financial providers a way to tap into mobile banking, particular if they hadn’t developed their own apps.
WSJ reported 400,000 people had signed up to the Plex waiting list, and Citibank will now recommend other accounts to those users, with the pandemic throwing Google’s plans off schedule.
As per its statement, Google apparently will still aim to have a presence in financial services, with its spokesperson adding that Google wanted to help consumers gain “better access to financial services”, and help the financial ecosystem “connect more deeply with their customers in a digital environment”.Subscribe to our daily newsletter Back