A bit more than a year ago I read an article about a fledgling start-up called BankSimple. The premise on which the founders hoped to build their company was simplified consumer banking featuring one point of account engagement
– a card that automatically moves funds between savings and credit as consumers deposit and spend money – and a variety of online support tools that meet consumer-specific demands for money information.It looks like BankSimple is getting close to launch.
Given their pending arrival as a new competitor for the financial business of American consumers, it is worth taking in a demo video recently posted to their blog. It describes BankSimple’s services and illustrates the perspective they have about internet banking system functionality.
BankSimple is being heralded in the tech press as a financial industry game changer (lots of articles here). Of course this designation has been bestowed on many companies before, from Mint.com to Geezeo, so time will tell whether they do indeed change the game.
Regardless of whether BankSimple is ultimately successful, however, their ideas do provide good food-for-thought. It is easy for credit union leaders to fall into the trap of thinking about member engagement from an internal point-of-view. BankSimple may serve as inspiration for more member-centric thinking.