Monday, August 15, 2011

Bank Simple Thoughts

Someone once said:"Banks are dead, banking not". We all talk about how inadequate banking is and how our needs are not met. However, few initiatives ever succeed in replacing the old brands and we keep on banking with them. Who will forget the waves that Egg made in the UK and Twenty20 in South Africa. Both these initiatives had limited success and ultimately got eaten by the establishment. Yet, we would still like to dream.

That is why it is so refreshing to see initiatives like BankSimple that recently raised a further Ten million (Read here). A bunch of entrepreneurs working on a new banking model that plans to bring retail banking wrapped in a new presentation. As is to be expected, part of the offering is to bring the service on mobile phones, But the complexity of new systems, regulatory conformance and integration into the payment systems have delayed the launch of this bank.

Let's hope that this company can steer through the hurdles successfully and that they achieve success. We need renewal in the banking industry.

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