by Josh Reich

The Future of Simple: Our (Re)Commitment to Being a Technology Company

We’re getting back to our roots as a technology company and refocusing on building a product that helps people feel confident with their money.
Woman holding Simple card

In Simple’s early days, we all took turns answering the phones when customers called in for help. You learn a lot when you’re a small team that’s deep in customer problems. For instance, every Sunday morning we found ourselves on the phone with customers stressed about a lost card. We would cancel the card only to have them call back later when they found it at the bar they’d visited the night before. It wasn’t possible to re-activate their card so they were stuck waiting for a replacement.

So, our internal systems engineer decided to do something about it: he went out and discovered an API that would let him block an active card. This wasn’t something that was in the market yet, but he could see the potential to solve this frequent problem. He cranked out the code and, within a week, Block Card was out in the market. Now, it’s a banking-industry standard. This is what innovation looks like.

Over the last few years, we have been focused on rebuilding Simple’s technology on our new partner bank, Compass. Our focus on infrastructure and supporting customer growth means we haven’t been fully invested in building new technology that helps people feel confident that they’re doing money right. We have not made good on our promise to change an industry that is failing them.

We have been focused on growth instead of innovation. We have been acting like a bank instead of a technology company. And that changes today.

Today, we are recommitting to being a technology company that is completely focused on product. We are re-designing our team so that everything we do is in support of this focus. We will be ruthlessly dedicated to identifying customer problems and building products that solve them. We are committing to asking, “How can we make this better?” when our customers face complex systems that lead to confusion and uncertainty about their money.

We know that many of our customers choose us for being a safe and secure banking partner, and that promise will always be the foundation of who we are as Simple. But we aren’t going to follow the path of a traditional bank. This means we won’t always offer the same features or products. And when we do, they will be re-imagined to serve the real human need over the industry standard. What you will get is budgeting and banking in one beautiful app – and with features designed for the way people think not the way banks work.

Just because something hasn’t been done before doesn’t mean you shouldn’t try. In fact, I believe that’s often the best reason to try. That’s the mindset difference between technology companies and big banks. And that is Simple’s commitment to you.

Hey! Welcome to our disclaimer. Here’s what you need to know to safely consume this blog post: Any outbound links in this post will take you away from, to external sites in the wilds of the internet; neither Simple nor our partner banks, The Bancorp Bank and BBVA Compass, endorse any linked-to websites; and we didn’t pay/barter with/bribe anyone to appear in this post. And as much as we wish we could control the cost of things, any prices in this article are just estimates. Actual prices are up to retailers, manufacturers, and other people who’ve been granted magical powers over digits and dollar signs.

Important! Keep your account safe from fraud

As fraud attempts are on the rise recently — especially related to unemployment funds — help us keep your account safe by following these guidelines.

Use your Simple Account only for your own personal use. Don’t share your account with others or receive funds on behalf of third parties.

Don’t share your username or password with others. Never give out your login information. Simple will never ask you to tell us your password — if any third party makes such a request, it’s an attempt at fraud.

Don’t open an account at someone else’s request. If someone else asks you to open a Simple Account — such as a real estate company, prospective employer, or someone you met online — it is likely an attempt at fraud.

Be alert for unemployment insurance fraud. You may be violating the law and the terms of your Simple Account if you receive deposits of unemployment funds on behalf of someone else. There are state and federal penalties for unemployment insurance fraud (including potential fines and incarceration). If you suspect you are a victim of unemployment fraud, contact the appropriate state fraud hotline listed here.

Don’t receive funds on behalf of a third party. Keep in mind that receiving funds on behalf of a third party violates the terms and conditions of your Simple Account; in such instances, we may restrict and/or close your account and hold the funds while we await direction from enforcement agencies.

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