Scheldt Capital

New retail bank BankSimple aims to provide an unrivalled customer experience and now has both the funding and banking infrastructure in place to open its doors to customers.

While I think BankSimple’s launch is positive for the industry and its pace of innovation, I’m slightly skeptical that it is effectively outsourcing the entire back office. Launching a full front-to-back bank (i.e. taking customer deposits and making loans) with BankSimple’s philosophy would have far more impact.