Startups Bring Retail Banking to Mobile
Summary
Bad customer experiences, hidden fees and high costs are the main factors that today pull people away from incumbent organizations and trigger them to look for other services.Consistent examples of big players going in this direction come from banks Citi, BBVA, Santander, Unicredit, and Sberbank, just to name a few, which have set up and run corporate venture capital vunds to launch and scale new startups having the potential to transform the future of financial services.Founded in 2009 by Joshua Reich, CEO, and Shamir Karkal, CFO, and launched in July 2012, Simple offers users an iOS and Android spending app, featuring Direct Deposit, ATMs, tools to move money between customers, real human support, as well as push notifications.Berlin, Germany-based Avuba is a still in beta startup that is developing a service mobile featuring a bank account, a Mastercard card and an app that allow customers to make online and in store payments, withdraw cash globally, plan budget and save money.NYC-based Moven has built an iPhone and Android spending app and debit card that provides real-time behavioral feedback and instant receipts to allow customers to make smart decisions and save more.
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