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Sizing Up the Nonbank Threat

Does the average consumer really need a traditional bank nowadays? Bill Gates didn’t think so when he made that statement back in the 1990s as Microsoft Inc. was pushing into the home banking market with its Money software program, and he’s even more right today.


“Banks are general retailers,” says Hank Israel, a managing director at the consulting firm Novantas Inc. “Competitors are going after pieces of their business and that’s hard to defend against.”

A perfect case in point is Simple, a five-year-old online bank that was started by Chief Executive Officer Josh Reich and Chief Financial Officer Shamir Karkal. Reich is from Australia and Karkal from India, and when they first came to the United States they were very dissatisfied with the service quality of the banks here. Karkal, who spoke to Bank Director magazine for this story, says he felt he always had to be on the alert for mistakes in his monthly account statements and it didn’t seem that his bank had his best interests in mind.

Read the full article at Bank Director…

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