Interesting concept, but I'm skeptical how successful it can be. Banks are trying to get more money out of customers, in large part, to compensate for the costs of cyber-theft. Banks would rather reimburse your stolen money and recapture it through xyz fee, than lose your confidence.
Simple does nothing to solve the bigger issue of our insecure networks. From what I've seen, they're no different from any other company offering online banking services. Add in the fact that they don't have any physical collateral, and maybe they're even more vulnerable than traditional banks...
Do you have data on banks increasing fees to combat the expense of "cyber-theft"? That's a new one to me. Banks have mostly been raising fees because new legislation in the US has cut into their interchange revenue. Plus, the cost of building and maintaining physical branches remains high, and foot traffic to those branches is decreasing.
I'm not sure what you mean by "physical collateral", but we do take steps above and beyond what many banks offer to make our systems and our customers more secure. We're offering multi-factor authentication, and we participate in rigorous internal and third-party security audits.
In some ways, our partner-based model improves our security stance. Our systems never touch sensitive data like customer debit card numbers.
I appreciate your concerns about security. Please understand that it's a top priority for us.
Simple does nothing to solve the bigger issue of our insecure networks. From what I've seen, they're no different from any other company offering online banking services. Add in the fact that they don't have any physical collateral, and maybe they're even more vulnerable than traditional banks...