Member Exclusive, New banks

What Google’s foray into banking means for incumbent and challenger banks

  • Plex accounts by Google Pay are a bold example of big tech’s foray into banking.
  • Big tech finance players are threatening challenger banks.

Email a Friend

What Google’s foray into banking means for incumbent and challenger banks

As increasingly tech savvy consumers opt for digital first finance solutions, tech companies are seeking access to user financial data as an additional revenue source. In 2019, Apple launched its credit card in partnership with Goldman Sachs. Facebook is in the works of developing its cryptocurrency venture Diem, formerly known as Libra. Amazon lends billions of dollars to merchants in its marketplace. And now, Google is entering banking.

Google recently revamped its Google Pay app and announced its partnership with 11 banks for the 2021 launch of its consumer bank accounts. Plex accounts by Google Pay will be integrated into the newly designed app and will combine the regulatory protections and financial expertise of banks with Google’s technology and user experience.

“There is a need for new experiences to meet the evolving needs of a new generation of customers who have grown up mobile first in an environment where everything from hailing a cab to opening a bank account can be done with simple taps on a mobile device,” said Google’s vice president for payment ecosystems, Felix Lin.



“In response to this need, we recently launched a redesigned, mobile-optimized Google Pay that makes it easy to pay, send money, split expenses, save with offers and rewards and stay on top of your finances. Plex accounts are a new mobile-first bank account integrated into Google Pay.”

Banks partnering up with Google will undoubtedly reap the benefits of its technological prowess, global scale and massive customer base. Google’s access to huge amounts of user data can be utilized to provide consumers with tailor-made financial solutions.

This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — $59/mo Already an Outlier member? Sign in to your account

0 comments on “What Google’s foray into banking means for incumbent and challenger banks”

New banks

Radhika Duggal, CMO of community and business development at Chase, talks financial literacy for families

  • Financial literacy is becoming a crucial checkbox to mark for all players in the financial ecosystem.
  • Chase’s CMO of community and business development, Radhika Duggal, recently sat down with Tearsheet to give her thoughts on the topic.
Rivka Abramson | October 22, 2021
New banks

Behind Upgrade’s move to add BNPL capabilities

  • Upgrade is adding BNPL to its personal loans and payment cards, but with a twist.
  • The company also intends to make a push to bring BNPL payments offline and into shops.
Subboh Jaffery | October 08, 2021
New banks

9 insightful things overheard at Tearsheet’s 2021 Convergence Conference

  • Tearsheet's Convergence Conference set the tone on how banks, investment and payment firms, and fintechs are planning their product roadmaps.
  • It's clear that the trend of rebundling the bank will continue, as we see the emergence of super apps.
Tearsheet Editors | September 30, 2021
New banks

‘We’re in a constant beta state’: How Citizens Bank is adapting to the post-Covid needs of young consumers

  • Citizens Bank is targeting a younger demographic of customers with its national, digital offerings.
  • That means rethinking its branch network and upgrading its products and services to match the needs of the modern consumer.
Ismail Umar | September 29, 2021
New banks

Convergence Conference 2021: All session videos

  • Tearsheet's 2021 Convergence Conference looked at how FIs and fintechs are becoming financial super apps.
  • Here are all the session videos from the event.
Shabih Rao | September 27, 2021
More Articles