BankSimple, a US-based start-up that promises
to make banking simple and help customers pay less and earn more
interest, has posted a video on the BankSimple website showcasing
some of the features it plans to offer customers.
The run-through video demonstrates how
BankSimple will offer customers tools to work out what amount of
money is safe to spend, make searches intuitive, and payments and
saving easy.
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BankSimple will offer customers an account and
a BankSimple debit card to replace a customer’s existing personal
bank account. It will not be a bank, however, but will partner with
chartered banks that provide FDIC-insured products.
Joshu Reich, CEO of BankSimple said on the BankSimple blog,
“We’ve been testing the product for a few months now, and it has
been awesome. The product isn’t finished. It will never be
finished. We’re constantly improving. But we’ve now reached the
point where we’ve learned as much as possible from testing
internally and in a few weeks we’ll be shipping cards to our first
real customers.”
The BankSimple website says most mobile
finance sites are often designed as an afterthought into the main
web experience but BankSimple is designing the web and mobile
experiences in tandem so that customers can deposit cheques by
phone, authorise transactions by phone to prevent fraud, categorise
spending on the phone as it happens and more.
The BankSimple video showcases how the
‘Safe-to-Spend’ balance feature displays the customer’s spending
cushion, determined by setting aside the savings, factoring in a
consumer’s typical monthly expenses, predicting upcoming income and
bills and calculating what’s left over.
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By GlobalDataAccording to
BankSimple, personal finance tools can advise a customer and
show current trends, but not help the consumer to actually manage
money.
The BankSimple Goals tool helps customers
automatically store away what they need to save. BankSimple also
plans to concentrate on designing the complete consumer banking
experience by exploring features around couples sharing accounts,
friends splitting transactions, more informative reporting, to name
a few.
BankSimple has been built by New York-based
Simple Finance Technology. The BankSimple website gives potential
customers a chance to save their spot and stay informed regarding
the launch of the actual service. The start-up has reportedly grown
its venture capital from $3.1m to $13.1m.
