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As someone who generally likes Google, I'm glad this is not happening. No currently large tech company should also be a bank; that level of extreme consolidatio
by jrm4 5y ago
As someone who generally likes Google, I'm glad this is not happening. No currently large tech company should also be a bank; that level of extreme consolidation can only end in a negative for users.
- tadfisher 5y agoGoogle would have been a frontend, like any other neobank. Plex accounts would have been offered by Citi, BBVA (RIP), and other chartered financial institutions. No consolidation necessary, or worth it; retail banking is so heavily regulated that it's more of a loss-leader for other products that actually make money.
- jrm4 5y agoGoogle would have been a frontend at first. Retail banking is so currently heavily regulated. etc. etc.
- Zafira 5y agoI feel like this would have been a culture clash waiting to happen and I feel like it would drive Google to eventually create some sort of bank subsidiary if this had actually worked out. That said, I can't imagine the customer service experience with Google fronting a bank would be very good and random failures on free services are enough of a pain, now put actual money in it and watch people really flip out.
- ikiris 5y agoI actually disagree here, nothing would have stomped down on their account support abuse faster than them being a bank and fucking over people.