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Mobile-Only Challenger Banks Are Shaping the Future of Financial Services Industry

Simple combines innovative technology, impeccable user experience and expertise in behavioural economics to help its customers spend smarter and save more. The company offers a bank account that has all the tools users need to manage their money built right in. The funds in a user’s Simple account are held by company’s partner banks. The company’s banking services are accessible via intuitive Web, iPhone and Android apps. In 2013, it recorded a 330% growth and more than $1.7 billion in transactions. The company serves more than 100,000 customers. Simple was acquired by BBVA in 2014.

Fidor Bank, based out of Munich in Germany, has been offering virtual accounts to customers since 2009. The company boasts of more than 200,000 customers. Fidor Bank is the lone major player in virtual banking to have its own banking license. Thus, it offers special services like peer-to-peer lending, crowdsourcing and bonus payments for interactions within the community.

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