[meterplech]

Millions of people love using Mint.com, and they had a huge exit and it didn't even have any of the bank-ish features that BankSimple is offering. BankSimple revenue model could easily include the same types of things as Mint: Credit Card Offerings, Life Insurance plans, even car insurance. And, they even earn additional, perhaps lower margin, revenue from their banking features. Think of the banking money as the long term huge opportunity to disrupt banks, and the Mint type offering as the short term profit that will allow them to grow.

For the consumer, if they can offer some of the analytic capabilities of Mint combined with the ability to make cash withdrawals from ATMs, deposit checks from your phone, and even get (some) interest it's an incredible product. It can roll most of your online financial needs into one company with a dedication to customer service. Sure, they may provide slightly worse interest rate. But how many people actually know their exact interest rate right now? Compare that with the number that have been adversely affected by overdraft fees and who would appreciate real customer service.

I wish them the best of luck! I hope they become the Zappo's of banking

[greatreorx]

Yes, I've never seen them admit to it, but I think lead gen has to be part of their business plan. Mint predicted (and got) about $30/user per year from lead gen. If banksimple can be the trusted first place people go to for financial advice and products (mortgage, retirement planning, etc), they should have no problem getting extra revenue on top of the usual bank checking and savings revenue that goes to their partner.