Simple.com: What Credit Union Nightmares Are Made Of?
by. Anne Legg
You want to provide the member everything they could possibly desire so they continue their relationship with your credit union. And in the world of digital member experience, members want simplicity and accessibility.
Unfortunately for credit unions, the competition to give consumers what they want just got tougher.
Have you heard of Simple.com? Here’s how they describe themselves on their website:
“Simple is not a bank. Simple replaces your bank with everything you need to spend smarter and save more. Your funds live in FDIC-insured accounts with our partner bank, The Bancorp Bank, and we provide everything else. Through Simple, you can make purchases with your Simple Visa® Card, deposit checks using your smartphone, set up direct deposit, earn interest, pay bills, save and budget painlessly, withdraw cash from over 50,000 ATMs, and more. We offer beautifully-designed web interface and iPhone and Android apps, no surprise fees, and real customer service.”
If reading this didn’t make your blood run cold, read it again. They have created a platform that does EVERYTHING a standard credit union mobile application does, but better. Now consider this: what if Simple.com also offered peer-to-peer lending, say to your key SEG or members?continue reading »