“Business Insider spoke with ex-employees and learned that dozens of employees and executives have left the Google Payments team in recent months, including at least seven leaders on the team with roles of director or vice president. Resistance from Bank of America, JPMorgan Chase, Wells Fargo, and a handful of other large regional banks may have been enough to convince Google to back off.īut neither Ready nor the Wall Street Journal) mentioned another factor that may have influenced Google’s decision to kill the Plex account.Īrs Technica cited a report in Business Insides that the Google Pay team was in “major upheaval after botched app revamp:” My bet is that Ready was referring to some of the large banks that Google is courting to provide cloud and AI computing services to.

In a study conducted by Cornerstone Advisors, which surveyed executives from small and mid-sized banks and credit unions, one in four respondents said they were either evaluating a Google partnership, planning to talk to Google about a partnership, or already talking to the Big Tech about partnering.Īnd of course, there were already 11 announced partners.īank interest in partnering with Google Source: Cornerstone Advisors survey of 260 financial services execs, December 2020 The WSJ reported that Bill Ready, who runs Google’s eCommerce operations, “was concerned that Plex could make other banks think that Google was out to compete with them since it played a lead role in building the product.” In addition, according to the Wall Street Journal, Citibank has more than 400,000 consumers on its waiting list for the new account Google Still Wants to Be a Fintech Vendor

“Google and BMTX are excited about this opportunity and are committed to this partnership,” the banking platform said in an email at the time.” On Monday, BM Technologies said its Plex accounts would arrive in late 2021 or 2022. “As late as this week, several banks were under the impression that the project would still move forward. The news of the scuttled Plex account appeared to be a surprise to BankMobile (now called BM Technologies). FI selection with Google Plex Source: Cornerstone Advisors survey of 3,898 US consumers, December 2020

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