"A bank was once primarily a place—a building with marble floors and high counters that you'd enter to deposit or retrieve your money. Cash machines and online banking moved the experience away from the lobby, but those were only extensions of the traditional ways banks thought about business. So when Josh Reich and Shamir Karkal, two MBA students at Carnegie Mellon University, went looking for ways to innovate in banking, they decided to start from the other direction, designing the mobile and online banking experience first and building the business around that.
They teamed up with Alex Payne, an engineer who was one of the first employees at Twitter, and set about creating BankSimple, .....To design the experience, they looked for insights from behavioral economics, which relies on psychology to understand economic decisions.
Interesting! Will definitely use on Behavioral Finance class!
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