8/17/2023 0 Comments Plex google drive 2020![]() Real spending and transaction data would enable Google to further improve the targeting quality for advertisers.Īnother driver for getting in on the banking business could be a wider platform play with the Internet of Things (IoT) ecosystem being developed through other Google technology such as Google Cloud and things like the Google Home hub. This would be hardly surprising, given that a recent Mastercard research has found that people in UK are now more likely to have a banking app than a social media app on their mobile phones. The deeper penetration into banking could be driven by Google wanting to use customer data to not only push the products of its underlying banking service providers, but use consumers spending data and behaviour (think data analytics and AI) to get even better at its core business of advertising. Through its products and platforms such as Android, Chrome, Gmail, Google Drive, Google Maps, Google Play, Search, and YouTube, Google delivers relevant ads to users leading to direct engagement with advertisers. Of Alphabet’s 2019 revenue of $162bn (Google’s parent company), more than 80% of that revenue is derived from advertising. Why does Google want to go into banking? What difference is this going to make to the way that consumers bank? And what does it mean for the banking industry? The product is expected to have the full functionality of a checking account, savings account, peer-to-peer payments, and a host of budgeting and bill splitting features. ![]() Last month Google revealed the 2021 launching of ‘Plex’, a consumer banking product designed to sit within Google Pay. ![]() Both traditional banks and virtual neobanks need to understand the evolving consumer spending methods and remodel their businesses to be viable in the face of major changes to the way that commerce takes place. Google’s entry into the banking landscape could trigger a change to the role of banks.
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