Google shuts down Plex banking service less after less than a year

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The Google graveyard is getting extra crowded. After asserting the Plex mobile-first financial institution accounts in November last year with Citibank and a few different monetary establishments, Google is pulling again from the product. According to the Wall Street Journal, the company is “abandoning plans to pitch bank accounts to its users.” 

A Google spokesperson advised Engadget that it is “updating our 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.”

Plex was initially positioned as a straightforward mobile-first strategy to open financial institution accounts, with Google offering the expertise and app design and banks and credit score suppliers backing the funds. It sounded extra like a approach to assist establishments that did not but have a trendy, competent app to group up with Google on one, which is perhaps why main names like Bank of America and Capital One, who already had current apps, weren’t on the listing of companions.

According to the Journal, a Citibank spokesperson mentioned it plans to suggest different accounts to individuals who had already signed up for the Plex ready listing. The publication experiences that the ready listing numbered about 400,000 folks, and that the pandemic had thrown plans off schedule. The Journal additionally famous that “As late as this week, several banks were under the impression that the project would still move forward.”

Though the Plex branding goes away, Google does seem to wish to stick round within the monetary providers business. The spokesperson mentioned that “We strongly consider that that is one of the simplest ways for Google to assist customers acquire higher entry to monetary providers and to assist the monetary providers ecosystem join extra deeply with their clients in a digital setting.”  

It might not a full abandonment, however Plex joins a long list of other Google products that were cancelled or discontinued, just like the Home Max speaker, Clips digital camera, Google+ and extra.

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