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Service aims to simplify consumer banking with dedicated tools and products

Financial Services

Hard on the heels of our story about Finnish banking service Holvi comes word of yet another contender that aims to shake up the financial world. Rather than group banking, though, BankSimple targets everyday consumers with a service that seeks to provide a “worry-free alternative” to traditional banking services. Now in beta, New York-based BankSimple reminds us in many ways of Mint, which we covered several years ago. BankSimple aims to simplify banking, giving consumers “human customer service, clear and simple policies, and no hidden fees,” the company’s site explains. A variety of tools are designed to help customers achieve their financial goals, for example. Even more than financial management tools, though, BankSimple will also offer debit cards and checking accounts, Fast Company reports. Instead of handling cash itself, however, BankSimple will reportedly partner with “back-end” banks to handle the nitty-gritty details, leaving the company itself free to focus on customer service. Because it enjoys the partnership of multiple banks, meanwhile, BankSimple can also juggle its customers’ money accordingly for the best rates. Some 12,000 beta testers have already signed up with BankSimple, which is now planning a 2012 launch. One to test out or get involved in? Spotted by: Katherine Noyes



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