Seattle Bank is one of the leading financial institutions collaborating with global technology company Google to offer Plex Accounts, smarter and simpler bank accounts within the redesigned Google Pay app that will help customers manage their finances and stay on top of their spending.
“This collaboration will bring the best of Seattle Bank’s customer-first focus and local brand together with the best of Google’s technology and expertise building accessible and engaging consumer products,” said John Blizzard, president and chief executive officer of Seattle Bank. “This effort expands Seattle Bank’s market beyond private and business banking, enabling us to now meet customers where they are – from the business owners with interwoven banking needs requiring customized services and personalized attention to the millennials whose daily lives are centered around their mobile devices.”
“People are increasingly looking for ways to simply and securely manage their money,” said Felix Lin, vice president of Payments Ecosystems at Google. “Google Pay already works with thousands of banks to make it easy to save and use your credit and debit cards to securely tap and pay in retail stores and transit stations. We’re expanding our collaboration to introduce a smart way to bank by enabling bank customers to open accounts, manage finances and stay on top of spending all from within Google Pay.”
Seattle Bank is a technology leader in the community banking sector and is one of only a small number of banks nationwide that has an open API architecture and a cloud-based platform. This collaboration with Google Pay leverages Seattle Bank’s technology strategy, which included a change in core providers earlier this year.
Plex Accounts will be available in 2021. Consumers will use Google Pay to open and manage the accounts, which will also offer spending insights and financial search features. The product is being built on top of Seattle Bank’s existing banking infrastructure and the accounts will be insured under FDIC limits.
Research shows that one third of banking consumers are willing to consider banking with a company that did not have banking as its core service if it offered improved convenience and efficiency. At the same time, many consumers highly value doing business with trusted, locally based, community-minded brands. Plex Accounts in Google Pay will deliver a very holistic approach to payments, money and finances, which is what customers are looking for. This collaboration between Google Pay and Seattle Bank meets both consumer needs.
Plex Accounts also have great potential to improve access to banking services for traditionally underserved markets, according to Blizzard. “Seattle Bank is eager to explore how we can work with local community partners to benefit consumers that need better access to high-quality financial services, and measurably scale up their access to simple, smart and secure ways to manage their money.”
With $730 million in assets, Seattle Bank is a locally owned and managed financial institution that provides private banking, specialty mortgage, commercial banking and family office services. We deliver the modern banking experience with tailored services and leading-edge technology, demonstrating the ease, satisfaction and peace of mind that exceptional banking provides. Seattle Bank is one of the fastest growing and most efficient financial institutions in the nation. Information about Seattle Bank, its services, financial strength and community impact is available at www.seattlebank.com.