Why has Simple had a tough time getting traction?

I agree that the service is still in it's infancy and I think that it is worth pointing out the beauty of this fact.  Rather than jamming a bunch of features into a release, they seem to be staggering their features well enough to launch features that actually work.

I see companies launching with as many features as possible in their app all the time. Simple seems to be following a process more akin to the Lean Methodology ( The Lean Startup | Methodology ) where the minimum viable product is launched and then iterated upon.

Their software definitely seems much less buggy than most (IMO).

4 Replies to “Why has Simple had a tough time getting traction?”

  1. Speaking as someone who has had an account for a while now, I'd have to agree that they don't yet have a complete product.

    For just having a checking account and tracking your purchases, it's great.  However, their mobile app is lacking, they only recently added remote deposit capture, and don't have an easy way to transfer money from your primary account to it.  Combined with the lack of a branch presence, no loan or investment products, and the inability to open a second account.  It's just a small piece of the whole picture.

    I hope they can grow and scale.  It seems as though they have the best of intentions, but are falling a little short right now.

  2. Because they don't yet solve the fundamental problem of switching banks. Switching banks is hard work and not 'simple' at all. They can have a great experience any many other ways but they still face the same problem other banks face with growth: customers are too well integrated with the services of other banks.

  3. Because they solve a small chunk of most people's banking experience as a whole. And the experience is even worse when you decide to use Simple for that small chunk and have things more fragmented then if you were to just leave everything at your current bank.

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