After A Big Bank Bought Simple, Things Got Complicated For Customers

by Joseph Walent 0

The development of an easily accessible pure digital-based bank hold a lot of appeal for many consumers, but the acquisition and subsequent integration appears to have soured some to the idea.

“Part of why I signed up for Simple is that it was 100% online and ridiculously easy to use. Painless transfers. Easy debit card management. Effortless deposits,” he said via DM. “So yeah, I’m still with them and they fixed my problem, but I definitely feel like they aren’t going to be ‘simple’ to use anymore. If anything, BBVA is probably going to ruin this.”

The expectation from many consumers these days is that banking should been less and less an effort in our day-to-day lives, so when a transition of bank ownership disrupts the flow of consumers, there is very little tolerance. When an all-online bank like Simple goes through something like this, especially in it early existence, its avenues to reassure its consumers are limited as well. It will be interesting to see how Simple performs in terms of new accounts and consumer retention post-transition.

Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Group

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