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You should. The market could benefit from new participants.

1. You don’t need an MBA to understand banking. While the importance of regulation and compliance (“legalities”) is paramount, it isn’t something you learn from an MBA program.

2. It depends. Simple isn’t a bank. If you were successfully issued a charter, you could likely surpass Simple, et al. from an innovation and feature perspective. FYI: http://www.federalreserve.gov/faqs/banking_12779.htm