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BankSimple bets on technology to give better banking experience to consumers

June 22, 2011‐ USA

The founders of BankSimple actually wanted to start a new retail bank. One step towards this and they found the regulatory hurdles are way too many. However, they did not get discouraged but instead went on to develop a web-based application that sits in between the banker and the retail customer helping them both in a smart way.

Yes. BankSimple is betting on some modern web app technology that banks for so many years are ignoring, despite the era of internet banking and mobile banking technology getting evolved. The web app empowers the customers with all information that will make the customer take a smart decision. The web app, for instance, suggests banks that give better rate of interest on savings accounts or to recommends a different mortgage lender who offers a loan with a lesser rate of interest.

The web app does not charge any hidden fee, nor does it charge for overdrafts or late fees. BankSimple wishes to tie-up with bankers and lenders so they can get newer customers without the hurdles of marketing and luring. BankSimple uses simple technology that does not bore the customers. Hence, an authorization for a cheque can be made over telephone, skpye or similar internet networking tool. Needless to say, the website and the mobile app are built simultaneously and like traditional online banking websites where mobile apps are an extension or a stripped version of the actual internet banking website.

BankSimple wishes to offer a card that can be used in 30,000 fee-free ATMs in the network. They are planning rope in CBW Bank, a Weir, Kansas-based Bank, as its partner and is open to partner with chartered banks who provide FDIC-insured products so as to offer better banking experience than presently available services such as Mint and LearnVest.

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