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Comment by maxklein | Hacker News Reader

I don't get it. I don't get the point of it. Searching through a list of things? How is that making my banking simpler?

It seems to have turned into a credit card statement search & visualisation engine.

After watching the video, it reminds me of the iPad. Doesn't do anything you couldn't do before, but it does it faster and in a more attractive and pleasing way. These improvements are so great that it becomes a qualitatively different experience. This looks about as much nicer than Mint as Mint does than my bank website, and that counts for a lot to me. I'm eagerly awaiting a chance to try them out for myself.

Let's compare it to the iPod, for example. Before the iPod, I played music. After the iPod, I played music - but in a more convenient way.

After this app, I can search my statements in a convenient way. The problem is that right now I am not searching my statements at all. They seem to be solving a problem that I have not had so far.

I liken it more to a smartphone: before I had high-quality internet access in my pocket, I didn't care about it. It wasn't a problem I was looking to solve or a want I had.

Now that I can search Wikipedia or Google at a moment's whim, I find myself confused when I don't have it.

BankSimple may turn out like this: hardly anyone does this kind of searching and organizing of their bank statements because it simply hasn't been easy enough for anyone to care. Once it is, you might not want to go back.

You are missing the very important difference. Bank Simple can automatically track and categorize how you use your money and thus visualize it for you.

You didn't used to do this because it was not possible. The same thing with expense tracking. Believe me. It's a very powerful feature. I know I have created it for one bank already and seen how the customer satisfaction exploded.

Not everything is a better solution to something that existed before. Sometimes innovation is going to allow you to do things you could never really do before.

I almost totally agree: I think the secret to the iPad's success was it's simplicity rather than being more attractive and pleasing.

I am constantly frustrated when I try to find transactions more than 3 months old in both my bank accounts. The main reason I keep my Mint account is to be able to search my old transactions.

Why do you need to constantly search your old transactions?

That seems like a fair description to me, but that's exactly what my bank sucks at.

Yeah, that's why we showed what we did. While we also have the banking features you'd expect, e.g. payments and such, we were presenting in front of an industry crowd who are most likely already familiar with said core features but not search or visualization.

Very nice UI... any chance we'll see (i) a remote deposit mobile app without deposit limits and (ii) integration with Google Wallet?

I don't think a bank should ever have a mobile app instead of a nicely done web interface. Would you really want to use a bank that only works on iPhone?

There have been countless situations where I've had to make transactions in an internet cafe or using a friend's computer.

Sounds like you've never experienced the joys of depositing checks by taking pictures of them on your phone. I do this now with my current bank and it's awesome. (And I don't think anyone is suggesting that the website is replaced with an app, but rather that the app would supplement the website).

Sounds like you've never experienced the joys of free, instant wire transfers. Taking pictures of cheques? Are you going to telegraph them after?

Free wire transfers are great, but what does that do for you when you have a check in your hand? How about both?

Why would you have a cheque in your hand if you and everyone else have the option of using wires?

A) not everyone does yet B) with a check you don't have to get any information from who you're paying other than the name.

You know, the only times in my life I've even seen a check have been when dealing with some US company (which is rarely). I have to admit being greatly amused with the combination of really old and really new that you have in using mobile apps to handle checks.

A Brit here, who has recently established a (B2B) company in the US. The check thing really surprised me too. The USA still loves checks: we receive them for most of the work we do, and make a lot of our payments that way.

From a personal perspective, I rarely use checks, except (and this blew my mind) I can set up a regular payment through my bank's website to a recipient. If the recipient's bank is on a similar system, the transactions are made digitally. If not, then they automatically mail a check each month. Transparent to me, but seriously.

I'm sure I'm going to feel really dumb after getting the answer to this, but what prevents someone from sending a picture of the same check to deposit in multiple banks through their respective phone apps?

The biggest deterrent is probably the criminal check fraud charge you would face. Most banks also have additional counter-measures in place to detect this type of fraud too, but you are right, it is a concern: http://www.americanbanker.com/btn/22_3/-374033-1.html

Probably the same thing that prevents you from making up fake checks:

1) It will eventually get reconciled through the clearinghouse and the extra funds reverted.

2) The lawman will come for you.

If you don't mind me asking, what is your bank? Is their non-mobile website decent?

I use USAA which has a web interface, a mobile web interface, an iPhone app and an Android app.

It's fantastic to be able to deposit checks by taking a picture of both sides instead of driving someplace, or throwing something in the mail.

Assuming you aren't just spamming on behalf of USAA, or even if you are: can any USAA customer deposit checks by taking a picture of both sides? I thought that was only if you had some sort of connection to the US military, no?

Yes, you can deposit checks by taking pictures. (I'm not the throwaway account above, but I do have a USAA account through my father-in-law, who's retired Navy. And yes, you need a US military connection to get an account there.)

Personally, I deposit checks via my scanner, but that's just because I don't have a smartphone. But I don't vastly care, because I deposit a check about... once every three months?

(The flip side of USAA is that they have no branches, if you ever need to talk to a human in person. Phone support, yes, in spades; branches, no.)

I have no military connection, but I have a USAA account. My understanding is that the check-deposit-via-photo feature is only available to customers with US military connections, but I'm looking for confirmation of that. (The USAA website is vague about the details.)

I use Alliant Credit Union, and they allow deposit of scanned checks online. I have used my phone to take the pictures before, and they were accepted.

If you're going to spam the thread with USAA recommendations you could at least avoid using a throwaway account and do it openly so that we can see your motivations.

We're currently working on remote capture, more details are forthcoming.

Did you see the part about how goals work and safe-to-spend? That was pretty slick.

(I'm a co-founder of BankSimple.)

Our easily-searchable transaction list is just one feature. That feature alone wouldn't make it work switching. What we're doing is holistic: it's about taking every part of the banking experience, from technology to customer service, and making it better.

What we demoed today was just the beginning. And some of what we're doing doesn't really demo well; it's intangible.

"No wireless. Less space than a nomad. Lame."

I agree. All banks will work like this within 10 years.

FWIW, Banks in for example the UK, already do.

It constantly surprises just how far behind the US is in several areas.

No they don't. I'm in the UK and I know of no bank that offers these services. Did you actually watch the video?

Which bank allows you to:

* Hide money from your main balance for bills and savings

* Create automatic savings accounts on-the-fly for individual items

* plot where each of your transactions occurred on a map

etc

I'm with Lloyds who have one of the best online banking experiences and it's in the stone age compared to this.

That would be a cool feature, throwaway savings accounts where you can say: put 2€ in this account every day until it has enough balance to buy an iPad

Even better: ...and then buy it

You don't get it. You probably track your budget to the cent in Excel. This service is not for you.

I agree. Current banks and banking systems work well for people who are good with money. This type of system that helps you put money aside for bills and makes saving up for something really simple is fantastic for people who aren't good with money.

It's Money Management for Mere Mortals™…

For tracking money in Excel or whatever, a read-only API would also be nice

I agree, we're working on it (I'm also committed to writing an R wrapper in my free time).

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