In reaction to the recent announcement of Google Plex, we’ve noticed that Google has been dabbling in banking related services for several years now, including card payments, P2P, Google Pay, and bill pay (remember Pony Express in 2015). From a Google perspective, Plex is a great play because it enables Google to get even more personal data on consumers, specifically their banking data, which has traditionally sat behind the firewalls of bank’s and credit union’s core data systems. 

Industry trends reveal that challenger banks have grown in presence in the marketplace, leading to the question, is their business model sustainable? In aggregate, I believe the challenger bank model is indeed sustainable. That is, there will always be opportunities for new players to fill a niche need. 

Financial service firms were initially slow to adopt the cloud over security concerns and relied on on-premise systems, but as cloud security has improved over the years, financial services have come to realize keeping onsite infrastructure safe is difficult, inflexible, and costly. When it comes to offering new and relevant services, financial institutions that want to offer an all encompassing platform need to move as fast as their fintech peers and the cloud allows them to do just that. 

Tune in to hear Marcell King, guest speaker on 11:FS podcast.

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