Simple is a modern bank and tailors directly to people trying to make banking simple. It has a convenient tool to track purchases and other tools to see those purchases impact on your bank account. It focuses on online banking only rather than having branches it put the branch in your pocket and wherever you go. It makes budgeting and saving easy and gives great graphics to achieve those goals.
BBVA is a large traditional bank. It has many branches in the Southeast United States and is based in Spain. They are making a play into this new sector by buying Simple and the technology. They paid $117 million for the bank. If BBVA takes simple to more people and continue to operate it as a new company this will end up being a great investment. Customers will enjoy the simplicity and the great new tools to help them achieve goals. Although, BBVA could also make a mistake and change too much or roll out Simple to more consumers in a haphazard way. This could then backfire on BBVA. I do not think that the managers at BBVA will make these mistakes and it will truly revolutionize banking in a good way for the consumer.
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