I started my <bank> Simple relationship yesterday by responding to an email invite supplied by a reader (note 1). As expected, the application and initial on-boarding experience is tremendous. I’ve already catalogued a few dozen noteworthy innovations. But instead of writing an enormous blog entry, I will deliver them in smaller doses.
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#1 Allowing account login right away
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One area ripe for improvement at many FIs is the online on-boarding process. Typically, after applying for an account, new customers must wait a week or more to get account info and cards in the mail before they can even login to their account.

At Simple, once the new account application is verified and approved (this took less than 30 minutes for mine), users are invited to set up their account online and to download the mobile app.

After completing that process, users can log into their account and look over the features. Because new accounts are devoid of data, the startup offers a demo mode that allows new users to start learning about the account by using its features with fictional transaction data (see #2 below).

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#2 Interactive demo mode
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Many banks have an online banking demo available. Usually, it is limited to a static guided tour. But the best ones are also interactive, allowing users to play with the features as if they were using their own account.

Simple has taken the latter approach with an interactive demo. But instead of burying it somewhere on the public website, the startup has built a demo mode option right into its online banking interface. Users simply choose the demo option in the intro box on the main page, and the site opens up full of sample data that users can play with.

This is especially useful for new users who have no real data to manipulate.

Once in demo mode, users can turn it off using the toggle switch in the upper left or by clicking the X next to where demo mode was launched.

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Before: Demo mode is activated with this button

After: Demo mode is shut off with toggle

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Notes:
1. Thanks to Michael Bagniewski, VP & Director of Information Technology at PNA Bank, for sharing his extra invite (he inadvertently put himself on Simple’s waitlist with two email addresses). Apparently, Simple invites are transferrable, though none are listed on eBay yet.
2. We looked at the new crop of Truly Virtual Banks (including Simple) in our Oct 2011 Online Banking Report (subscription).