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Alex Bray on Movenbank and BankSimple

Written by Alex Bray Friday, 21 October 2011 17:03
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Why banks - and the rest of us - should be grateful for Movenbank & BankSimple


Don’t get me wrong. I love Gizmodo.

However, since I read their review of Movenbank, Brett King’s new Internet Banking entrant - I’ve been feeling thoughtful.

Here’s a link to it: http://gizmodo.com/5846051/the-internet-bank-of-the-future-is-stupid-and-useless.

It involved some colourful descriptions - I admit, the word ‘shitdrivel’ was a new one on me! But I think their review fundamentally missed the point. I think customers and competitors should be deeply grateful to these new entrants.


I think Movenbank and BankSimple are addressing, head on, two key challenges in the banking industry.


1. People don’t like banks.


This doesn’t need much explaining. Google the word ‘Occupy’. But here are two players trying to create banks who aren’t like other banks. The existing players should pay attention and learn.

To readmore visit Alex's blog @

http://stgilesresident.tumblr.com/

Alex is the author of the forthcoming: Augmented Reality in Financial Services (Searching Finance December 2011)

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