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You bank on the block and it's all on your Smartphone and it is called go bank it is an act designed specifically for mobile users are no -- non.
It's also the first make approved by the FDIC in six years but would you willing to give up the option of ever walking into a branch.
And just doing all of your banking all of it through an app.
Here to tell us all about this breakthrough.
Head of product development a lot this holiday booking the show thank you so much for joining us.
Pleasure to be here.
During younger than I expected I don't know why would be surprised by that I mean it's a mobile app but you look like -- may be about twelve.
How even how long have you been doing this I make us feel confident about this is now looking -- you -- even more nervous about giving you my money.
You don't -- -- First and foremost is a real FDIC insured bank account so you could always be rest assured that your money is safe and it's backed by the federal government.
But on top of that I've I've been building mobile applications for close to a decade now so we we know that's inside now.
I'll tell your fee structure works because -- -- been hearing your ads.
And I think foresight you and we said no fees at all but there are things that you could -- he's four he wanted to -- certain services right how does that really work.
We discovered what we really want to do Melissa is just make it really fair and transparent so all of our fees could fit into a single tweet.
There are a few.
He's I think the one that it is probably the most novel twist we don't with -- bank -- is most banks have a monthly membership fees just for keeping your account open.
But with -- and we wanted to turn the system a little on the hat and what we've done is we've -- customers that they can pick what they want.
Pay what they want between 09 dollars and we kind of think about -- the -- So if you're loving the product as much as we hope you will.
To plus four and if not we look -- improve that experience that does not sound like a fantastic business model how are you going to make money.
So we're not relying on the monthly fee itself to to make it got -- profitable business we actually also make money.
When you use your -- bank debit card you got a real physical piece -- card.
And overall you know at the bank is very profitable that's how I deposit -- check.
You can you do it right from -- coming mobile lap just take a photo the front and back and submitted.
What do you say to people who are very nervous about I mean obviously -- We have a lot of concerns about cyber security these days there are many scandals going on -- Washington having to do with people.
You know going online hacking into various things the government spying on us all this kind of stuff -- make people feel better about the fact.
But they don't have a physical -- that there are going to be trusting their entire life savings to their phone.
You know that that's -- great question Melissa and one of the things we did with the bank -- we didn't cut any corners when it came to security.
So we use a state of the art and great encryption on both are mobile -- and and our web site.
And beyond that there's it's important to note that there's nothing actually sensed that stored on your mobile phones so if you lose it.
Your account it's just to -- as it would be with a traditional bank account.
Are you on your -- and.
Are you -- of the big boys coming getting you -- what I mean by that is that your free rider of the banking system that people like JPMorgan spend a lot of money to build out.
They're ATMs in their branches you're coming along very cleverly in the short term at least.
And and being a free rider on all -- -- people can go to very TMs and get money.
Are you worried about what's going to happen down the line have you heard from them.
You know so people are actually going to -- you know different sets of AT -- some more than anything we we welcome competition we just felt like that.
Good consumer banking hadn't changed a lot a long time we want to do with -- -- bank is.
Build a banquet.
From the ground up that was really made for mobile it wasn't just something that was -- -- on.
Or an experience that was -- -- wanted to take the fundamental things you did on a daily basis and just make the more convenient.
Simple and easy to understand.
Okay blocked -- -- -- thank you so much for coming out of go -- very interesting.
Good luck to you thanks so much Melissa.
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