Not much room for competition in banking

“At the end of the day, almost any product or feature can be copied,” Simple’s Hijirida said. “Our secret sauce for competing in this market is creating a culture focused on fast experimentation and then quickly doubling down on what works. We will win because we can pivot quickly to respond to customer data and feedback.” That being said, a 2019 survey by Cornerstone Research suggests that Simple, which was founded in 2009, has less than one-third the number of deposit accounts as competitors Ally and Chime have.

Original source: The transatlantic battle for the future of banking