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All of your reasons are common complaints, and I share them (with the exception of USAA). I work at such a bank, and can tell you from painful firsthand experience how difficult it is to do good UX design work inside of a traditional banking environment. I think Simple had the right idea to essentially decouple the "backend banking" stuff from the UX by partnering with a bank and somewhat removing many of the constraints a full-on bank has to wrangle with.

What's interesting though is that despite these complaints, consumers generally are averse to switching their banks.

I've worked at a bank for several years, and agree 100%. It's basically impossible for them to pull off something like Simple.

So the question is – how valid is that research given consumers haven't had a real alternative?

Now that we're (finally) moving away from paper payments, seems to me that it's a bad idea to bank on consumer complacency. Either way, I'm just happy that there's a decent alternative.

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