Simple, formerly known as BankSimple, a startup co-founded by former Twitter engineer Alex Payne, has just announced its new app for iPhone. The app is free for Simple account holders. Much like with Pinterest, users can go to Simple's site and request an invite to open an account, though membership is presently limited. Below is a clip describing the new iPhone app:
In developing its platform, Simple maintained a focus on:
Here is a screen of the iPhone app:
Today, everyone expects their bank to have a mobile app. However, too many banking apps feel like an afterthought. We took a different approach and put the mobile app first. With the Simple mobile app you can view your Safe-to-Spend balance, search and browse your entire transaction history, pay bills, deposit checks, and get help from our customer relations team. No matter where you are, you’ll have all the same tools that are available on the Simple website.
Once you sign in to the Simple app, you won't need to enter your username and password. You can always get to your financial information quickly and securely with your four-digit unlock code. Once you’re in the app, your Safe-to-Spend balance is readily available on every screen. If you want to see your balance in greater detail, just tap it to reveal your total balance, pending transactions, and upcoming payments.
We built our mobile app to support both quick financial decision-making and in-depth review. Glancing at your balance while standing in a checkout line should be effortless. Looking up a particular transaction should take no more than a few taps. A long train ride might be an opportunity to see what you’ve been spending money on lately.
There has been a bit of hype around how the Simple platform could replace banking, and the company explains, "(Bank)Simple is doing something no bank has ever done: We’re designing our web and mobile experiences in tandem - Deposit checks by phone. Authorize transactions by phone to prevent fraud. Categorize spending on your phone as it happens. That’s just the beginning." Simple operates in a partnership with the Bancorp Inc., and accounts are protected by the FDIC, and users can even garner interest. In order for a user to "leave their bank," their money must be transfered over to their Simple account. Simple's Lead Mobile Engineer Dustin Barker mentions that apps for iPad and Android are coming soon.