Technology company Google recently announced a digital banking service called Plex, which it will officially introduce in 2021. Plex is a mobile-first bank account, which is integrated into the Google Pay app payment platform. In 2021, 11 U.S. banks and credit unions will start offering Plex accounts in Google Pay, among them Citi.
According to a statement released by Citi, Caesar Sengupta, general manager, payments, of Google, said that this new service will be efficient and convenient. “Citi customers using Plex accounts will be able to open their accounts right within the Google Pay app and tap into all its features to save, send, spend and stay on top of their finances,” Sengupta said.
Anand Selva, Citi’s chief executive officer of U.S. consumer banking, said that Plex will be a banking experience that is completely digital. The Citi Plex account will be the bank’s first bundled checking-and-savings-account arrangement. Citi’s Plex account will feature no monthly account fees, no minimum balance requirements and no overdraft. It will also offer AI-powered insights designed to help customers save more, set savings goals and become more financially healthy.
According to Jane Fraser, Citi president and chief executive officer, global consumer banking, “This collaboration gives us a platform to drive significant scale in our retail bank. By unlocking the power of our respective eco-systems, we can deepen our existing relationships.”