Will Simple fix the personal banking system?

The global financial crisis is one thing, but discontentment about personal banking has been growing for a while. Service fees, late fees, transaction fees, confusing terms of service, and general unhelpfullness of bank employees is something we all experience once in a while. Banks are supposed to help us manage money, but they’re clearly not.
The good news is, some alternatives are coming. We already know Mint, the personal budgeting application, which features useful planning tools and the ability to track expenses. Here comes Simple, an online banking service. Simple registers your expenses, categorizes them, and takes into account your future automatized payments (e.g. rent) as well as saving goals when displaying your balance. That way, you know exactly how much you can spend, and whether you can afford that $4 latte or $20 concert ticket. Its iPhone app also simplifies transactions; you can cash a check, reimburse a friend, split a restaurant bill, etc., without fees.
Simple partners with local and community banks, and offers personlized customer service – you get to talk to someone right away instead of navigating the automated voice system, and even speak with the same representative when you call back next time.
And it looks great (I mean, the app’s font is Gotham!)
Simple is so far only available by invitation, and to U.S. customers. But there’s no doubt the potential is huge. It’s good to know someone’s got our back…
Photo credit: Fasctodesign.com.


