Brett King, author of BANK 2.0, announced that he plans to launch his own bank in 2012. According to an exclusive in Technology Spectator, Brett secured a major investor and is building a team in preparation for the launch next year.
The bank, MoveNBank, will be an online-only bank that is in a position to compete with US start-up Bank Simple. According to Technology Spectator, MoveNBank will also be paperless, focused on mobile and aims to reinvent the customer experience.
The publication wrote, “The development of companies like MoveNBank and Bank Simple is just the start of an emerging trend towards virtual banks seeking to capitalize on the consumerisation of technology…. With the emergence of companies like MoveNBank, the day is finally coming when banks will have to make a decision. Plod along as a cost heavy, full-service outfit with multiple channels to serve customers, or restructure as a provider of back-office functions, a banking license and the other must-haves nimbler organizations need to successfully take their proposition to market.”
What are your thoughts on organizations like MoveNBank and Bank Simple? Will they disrupt the traditional brick and mortar banks? Let us know your thoughts below, or Tweet @bankingdotcom.