Wednesday, August 01, 2012

Simple Banking

Much of banking is just moving around data. And that should be kept out of sight.

First Look: Simple Reimagines Banking
one fundamental axiom of modern life: banking sucks..... Banking sucks a lot. What’s worse, when it sucks, not only does it drive you insane, it costs you money. Lots of money. ..... they would use the large charges to make the balance fall to zero as quickly as possible, then hammer the account with the small charges to rack up overdraft fees ...... the bank’s abusive fees and seeming inability to block fraudulent charges from hitting my account — even after being notified multiple times — he was apologetic but unable to offer much help. ..... Simple, and the company’s stated goal of removing abusive fees ..... The bank’s phone support was a nightmare ..... “Simple replaces your bank, but we are not a bank.” ..... The company’s drive for simplicity permeates everything from the packaging that the card is shipped in, to the massive “Call Customer Service” button in the app, all the way to its promise to never punish its customers with hidden fees; yes, the overdraft fees that decimated my PNC account a few years back are gone. Kaput. ..... “Our stated mission is that we don’t profit from fees
There's moving around money. That's data. Then there are abusive fees. That is behavioral. And then there is customer service. Three different things, all related.

The no abusive fees part should fall in the public policy domain, one would think.

And great technology should free up resources to provide amazing customer service.

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