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Now that there are (finally) services like Plaid providing API access to financial accounts, it feels like there is an opportunity to separate the front-end (UI

Now that there are (finally) services like Plaid providing API access to financial accounts, it feels like there is an opportunity to separate the front-end (UI, budgeting and reporting tools) from the back-end (interest payments, wire transfers) of banking.

mulcahey 5y ago
PLEASE let this be the direction we go in. The traditional banks will never be good at UX because they can't attract the talent. Their apps are always a bloated mess of web views. I loved Simple because it lived up to it's name -- it was dead SIMPLE! For example, 99% percent of the time when I open the app I just wanted to view the list of my transactions. Many banks can't even do that right. Other than that I primarily just want to move money in and out as easily as possible. One example of a well executed front end / back end model is the Apple Card where Goldman Sachs manages the back end. The Apple Card doesn't have the best rates and rewards programs but to be honest I don't give two shits about any of that. I want it to "just work" like the iOS home screen. I want notifications not to be a buggy mess. I want fast and reliable access to support. If Apple does checking accounts (backed by Goldman or whoever) and checked the basic feature set I'd switch to them instantly. Everyone's finances are getting more complicated with more subscriptions and such. Despite this headwind I still want to spend as little time as possible poking around a UX from hell as possible.
- wmf 5y ago
  Simple was also running on a legacy bank back end... until they got shut down that is. Nothing can really prevent startups from selling out. (Obviously we don't have to worry about Apple being bought by Goldman and shut down.) Capital One managed to buy Adaptive Path so it's possible to attract the talent in some cases.
rainonmoon 5y ago
An example that strikes me as a stepping stone towards this (although, I believe, a little less clear cut) is Up in Australia, a partnership between a software company and Bendigo Bank, e.g. https://up.com.au/blog/up-cycling-core-banking/ https://up.com.au/blog/up-cycling-core-banking/
ac29 5y ago
Doesn't Plaid provide their API by taking user's online banking logins and scraping the sites? Seems like a huge risk.
- notsureaboutpg 5y ago
  They don't scrape the sites but they do need you to trust them with your bank account login credentials. They say this is because this is the only way they could work with banks to confirm your identity that was easy and also secure. And they claim that they don't store your login credentials. I'll still never use it. EDIT: It's been a while since I read up on them. Seems they actually do scrape the account data sometimes and other times they have agreements with the banks like I mentioned.
ericcholis 5y ago
I've considered building the envelope budgeting system from simple using Plaid's free APIs. "Safe to Spend" and Expense budgeting are really what I enjoyed most out of Simple
1shooner 5y ago
This is what YNAB is, and it's great.

mulcahey 5y ago

PLEASE let this be the direction we go in. The traditional banks will never be good at UX because they can't attract the talent. Their apps are always a bloated mess of web views. I loved Simple because it lived up to it's name -- it was dead SIMPLE! For example, 99% percent of the time when I open the app I just wanted to view the list of my transactions. Many banks can't even do that right. Other than that I primarily just want to move money in and out as easily as possible. One example of a well executed front end / back end model is the Apple Card where Goldman Sachs manages the back end. The Apple Card doesn't have the best rates and rewards programs but to be honest I don't give two shits about any of that. I want it to "just work" like the iOS home screen. I want notifications not to be a buggy mess. I want fast and reliable access to support. If Apple does checking accounts (backed by Goldman or whoever) and checked the basic feature set I'd switch to them instantly. Everyone's finances are getting more complicated with more subscriptions and such. Despite this headwind I still want to spend as little time as possible poking around a UX from hell as possible.

wmf 5y ago
Simple was also running on a legacy bank back end... until they got shut down that is. Nothing can really prevent startups from selling out. (Obviously we don't have to worry about Apple being bought by Goldman and shut down.) Capital One managed to buy Adaptive Path so it's possible to attract the talent in some cases.

rainonmoon 5y ago

An example that strikes me as a stepping stone towards this (although, I believe, a little less clear cut) is Up in Australia, a partnership between a software company and Bendigo Bank, e.g. https://up.com.au/blog/up-cycling-core-banking/ https://up.com.au/blog/up-cycling-core-banking/

ac29 5y ago

Doesn't Plaid provide their API by taking user's online banking logins and scraping the sites? Seems like a huge risk.

notsureaboutpg 5y ago
They don't scrape the sites but they do need you to trust them with your bank account login credentials. They say this is because this is the only way they could work with banks to confirm your identity that was easy and also secure. And they claim that they don't store your login credentials. I'll still never use it. EDIT: It's been a while since I read up on them. Seems they actually do scrape the account data sometimes and other times they have agreements with the banks like I mentioned.

ericcholis 5y ago

I've considered building the envelope budgeting system from simple using Plaid's free APIs. "Safe to Spend" and Expense budgeting are really what I enjoyed most out of Simple

1shooner 5y ago

This is what YNAB is, and it's great.