Google is deepening its role in financial services and may need an acquisition to jump-start a new approach
. I firmly believe someone will buy MX, and I think Google should be the first in line. MX would bring existing relationships with banks and the broader ecosystem, experience extracting bank data, and an understanding of how to use that data to drive value.
The second step of this product strategy is to use the MX entity to drive a new way of interacting with banks. Many small and medium size banks are stuck behind existing vendor relationships with some of the larger providers or antiquated cores. These constraints often prevent them from pursuing new partnerships, integrations or customer-centric products that their vendors don’t provide “out of the box”.
This is an inelegant solution to a problem that will resolve itself over time as banks update their technology, but it could allow Google to create traction in the space and provide compelling value in the meantime. Once banks have access to their data in a consumable format, Google/MX could also help create insights from that data, such as spending patterns, bill patterns, product cross-sell opportunities, and more personalized partner recommendations.
These are just a few of ideas that Google could pursue in their desire to become more deeply ingrained in financial services. With the combination of Google and MX and a focus on helping the banks with their data, Google could make it easier for people to interact with their financial lives. It turns out, people don’t really want another bank, they want a better bank experience that meets them where they already are. Google/MX could create the platform to offer them exactly that.
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