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Disruptors in Financial Services
Is it that Simple?
What can retail banks learn from the customer propositions of
disruptors such as Simple, GoBank and Movenbank?
January 2013

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Report structure:
Topics Covered
1.Overview
2. Top 10 features and learnings from Simple
based on our access to Simple’s secure customer
areas
3. Customer onboarding process: from
requesting an invite to getting access to the
service.
4-6. The customer experience : desktop
servicing, mobile servicing and customer
communication.
7.We look at GoBank and Movenbank services
including the business model, customer value
proposition and features.
8.Our conclusions.
.
Find out what disruptor brands do differently,
and decide on your response
Objective:
The key objective of this research is to look at the
new online bank Simple ( formerly SimpleBank).
In particular we will focus on
• Their proposition and how it differs to traditional
retail banking
• What problems Simple solve in the banking
space
• What Simple does well in its customer
acquisition and service
In addition we provide insight to Movenbank and
GoBank, being two other disruptor brands ,as a
comparison, and to provide further examples.

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10 reasons why I should read this report, now
1. New Disruptor brands will arrive in your domestic markets sooner rather than later.
2. Consumers are becoming less loyal and increasing the number of banks they use.
3. Word of mouth is gaining influence. Customers are listening to each other more than their banks.
4. Parameters significantly increasing loyalty are quality of service, fees and ease-of use.
5. Consumers see digital banking services as one of the top priorities for banks to focus on.
6. The brands we look at in the report are all heavily focused on design, user experience and building
customer centric digital solutions.
7. They have a much lower level of fixed costs in relation to retail banks, are agile organisations and
they are spurred on by each others developments.
8. Now, more than ever before, traditional retail banks need to revisit their strategies choosing where
and how they want to compete.
9. You can cherry pick their best ideas and features
10. This really is a unique look at the real user experience of these new banks as they develop.

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We have included information on Simple, GoBank and Movenbank, as they are typical of the new breed of disruptor
brands. Key common themes are:
•No fees and transparency
•Customer centric development
•Ease and convenience
•Creating an ‘’un-banklike’’ environment
•Digital only
However, the key focus in the report is still on Simple as they are the most developed in terms of features and
existing customer base.

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Customer acquisition: Requesting an invitation3
Customers are told to ‘get ready to leave your bank’ and request an invite to Simple. Invites were
encouraged before customers were able to join, with over 100,000 initial requests.
Request an invitation by entering name and email address
Email sent to customer informing them that they can now apply to join Simple.
Email contains unique link
See page 17
Sample page from report

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As a way to for customers to get a deeper ,more visual understanding of their spend a ’Reports’ section was introduced
August last year. The feature allows customers to search and view particular transaction activity as preferred. For example you
can search ’last 3 months’, ’under 200’, or ’restaurants’. Below the total spend over the last 3 months for a particular customer
is displayed; at the top as a trend chart showing incomings, outgoings and total. Lower section highlights spend per category.
Desktop servicing: View reports4 Sample page from report

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Mobile servicing: The Android app experience5
Navigation and overview after login: After login customers arrive at the page to shown to the far left below. The
navigation menu can be accessed by pressing the top left or by swiping sideways. The ’Safe-to-Spend’ section can
be expanded by pressing the blue and red bar.
Landing page after login Navigation menu expanded ’Safe-to-Spend’ section expanded
Sample page from report

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7
Target market and the experience: As part of a webcast unveiling the service on 15th January, Steve Streit, CEO, pointed out that their
target market is anyone consumer having an iPhone or Android device and being dissatisfied with their current bank and the experience
there.
One clear trend we see within retail mobile banking is that more and more banks respond to customers need for having quick access to
their main account balance on the go. GoBank deliver just that through the slider feature highlighted below. An ATM finder feature
within an app is today a hygiene feature. GoBank customers can locate their nearest ATM with just one tap of a button prominently
provided on the landing page. The ’Money Vault’ is an integrated bank account, where customers can easily put money away for savings.
It only takes two taps to transfer money to / from the account. Some of the key features after login are highlighted on the next page.
The registration process
You apply to become a customer straight
away within the app. As part of the
process you directly set a personal image
to your debit card (if preferred).
A live demonstration of parts of the
registration process can be found as part
of the webcast mentioned earlier.
Go to news.gobank.com and scroll 27
mins in to the broadcast.
Features and the experience
For a live demonstration of the key
features of the app presented by Sam
Altman, EVP Mobile at Green Dot, please
scroll 18 mins into the webcast (URL link
above)
By viewing this part of the webcast you
will also get insight to the thinking behind
the key features they have included.
Start page - N.B Slider that reveals balance Landing page after login
Other disruptors: GoBank Sample page from report

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1. Tablet Banking Report Series 3rd Edition
2. Mobile Promotion: selling on mobile
3. PFM Tools: worth the investment?
4. Mobile User Experience. The Good the Bad
and the Ugly
5. Security: managing the balance
6. Mobile Apps: 10 non-core mobile banking
apps
7. Mobile payments: Top 10 global innovations
8. (Bank) Simple and new the disruptors
1. Tablet Banking report series – 4th edition
2. Digital innovations: selling within digital
banking channels
3. Mobile banking – state of the market 2013
4. The evolution of PFM and money
management tools – 3rd edition
5. Digital innovations: engaging and onboarding
business banking customers
6. Tablet banking report series – 5th edition
7. Digital banking security report – 2nd edition
8. The evolution of point-of-sale mobile payment
services – 2nd edition
2012 Reports 2013 Reports
Mapa Reports on the hottest topics in Digital Banking

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About Mapa Research
Mapa specialise in digital and mobile retail
Financial Services research. We have a global
reach and are experts in our field.
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The best way to get in touch:
Mark Pavan, Chairman
Mark@maparesearch.com +44 (0)20 7727 3130
Edward Chatham, Managing Director
Edward@maparesearch.com +44 (0)7912 180 061