PORTLAND, Ore. (KOIN) — The notion that you need to visit a branch to do your banking is foreign to the millennial generation.
“With Simple we’ve built everything real time, we’ve built it for mobile first and foremost, and we’ve built this true, real time, on demand, digital banking experience,” said Amy Dunn with Simple.
Founded in New York in 2009, Simple moved its headquarters to Portland in 2011. That is Simple’s only brick and mortar location.
“We have no brick and mortar branches. So everyone can bank whenever they want, wherever they want from the phone or from the web,” Dunn told KOIN 6 News.
Simple is banking, combined with personal money management. People can set up their account and financial goals and the app does the rest. It tracks your money in real time and avoids fees charged by traditional banks.
“We do not allow overdrafts, it’s very simple,” says Dunn. “If you don’t have the money, it won’t let you spend it.”
Simple makes money by investing deposits and collecting the same charges from retailers that traditional banks get when its Visa debit card is used. Simple also has an agreement with ATM providers, giving it one of the largest free ATM networks in America.
Simple is exploiting the millennial market by using technology the way they do.
“That’s why we’re on the trajectory we are, that’s why we’re seeing Simple resonate with so many people,” Dunn says. “Typically, it resonates really well with millennials, who are known to kind of veer toward that lifestyle.”