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Episode 2 is my lively conversation with the irreverent co-founders of Simple \\u2013 CEO, Josh Reich, and Shamir Karkal, the company\\u2019s CFO.

Simple is a Portland, Oregon start-up offering a simplified, consumer-friendly account for saving and making payments.\\xa0 Last year it was acquired by the global Spanish bank, BBVA, which has been making bold moves in tech innovation.

Our discussion captures the clear voice of the disruptors who are challenging traditional banking. Josh and Shamir describe the famous email that led to their venture, including why Josh\\u2019s friends thought he\\u2019d gone crazy (hint: it has to do with regulation). They explain their own very unbankerly backgrounds, and talk with passion about what they think is wrong with mainstream banking, including why it\\u2019s so hard for banks to change.\\xa0

They made me laugh throughout -- there\\u2019s a\\xa0moment where\\xa0Josh\\xa0is explaining the company\\u2019s funny style and\\xa0says, \\u201cshe had this wicked, wicked sense of humor.\\u201d

I think my favorite thing in our talk is how they tell their customers\\u2019 stories about Simple making their lives better.\\xa0 The key is helping people save, including by highlighting a number labeled \\u201cSafe to Spend,\\u201d rather than the account balance.\\xa0 Simple idea, isn\'t it? And powerful.

I feel like Simple might be on track to crack the code on the core problem that bedevils financial consumers: how to get regular people actively engaged. Most people are very interested in what they use their money for, but bored by the money itself -- a fact that leads them into mistakes. Simple is trying to change that.

After we turned off the microphone, Josh said one more thing that has stayed in my mind ever since.\\xa0 I\\u2019ll share it in my postscript at the end of the podcast.

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Show Notes

The companies:

You can find full information on Simple here, and on BBVA here.

My guests:

Josh Reich, CEO & Co-Founder\\xa0\\xa0\\u2014\\xa0Josh\\u2019s career has spanned marketing analytics and quantitative finance, including running a data mining consulting firm, a quantitative strategy group at a $10 billion fund, and core components at the mortgage lead market, Root Exchange. Four years ago, Josh founded Simple, formerly BankSimple, a company that is working to radically redesign banking by using modern technology to help people worry less about money. Josh has a BSc. in mathematics and statistics from the University of Melbourne, most of a medical degree, and an MBA from Carnegie Mellon University.

Follow him on Twitter at @i2pi\\xa0

Shamir Karkal, CFO & Co-Founder\\xa0\\xa0\\u2014\\xa0Shamir is a software engineer turned finance and banking expert. Prior to Simple, Shamir was a consultant with McKinsey & Co. specializing in strategy consulting for financial institutions in Europe, the Middle East, and the US. Prior to McKinsey, Shamir was a software engineer. He has a bachelor\\u2019s in computer science, a master\\u2019s in information technology, and an MBA from Carnegie Mellon University.

Follow him on Twitter at @shamir_k

FAQ\\u2019s about Simple:\\xa0\\xa0https://www.simple.com/faq

\\xa0Here are the two firm\\u2019s announcements about BBVA acquiring Simple:

Here and Here

\\xa0 \\xa0\\xa0

Please note that the views expressed by guests on Barefoot Innovation are their own and do not reflect the opinions of Jo Ann Barefoot or Jo Ann Barefoot Group LLC, nor do we endorse any product, service, or company discussed.