On January 8th, 2013, a New York Times article "A Financial Service for People Fed up with Banks" describes an Australian born entrepreneur’s idea for people fed up with their bank. His alternative to traditional banking is an online banking service called 'Simple'.
Simple is actually not a bank but holds its customers' money in federally insured banks. As a start-up company, Simple offers free checking accounts and data analysis of customers' transactions. Customers are given a card that is used like a debit card. However, with no physical branches or teller machines, customers must rely on applications on the Internet or their mobile devices to conduct business. This banking alternative is definitely designed for the technology enthusiasts.
With real-time financial data, tracking features, and other data tools, Simple hopes to offer insights into spending behavior. According to the New York Times article, Simple started signing up members late last year and now stands at 20,000 customers with more than $200 million in processed transactions. The company has the backing of venture capital firms and makes money off interest on the cash it carries. People who want a Simple Account must request an invitation on the company's website; certain minimum qualifications must be met.
