Simplii is a Canadian online-only bank. It has no physical locations and does not charge fees. This might make you wonder; so, how does Simplii Financials make money?
I have asked myself this same question. To fully understand how Simplii makes money, i decided to find out.
That means you will benefit this article, which will help you learn and understand how an online-only bank makes money.
Operating an online-only is an interesting concept. For Simplii Financials, it has proven that it works and can generate money.
It is important to know how banks make money, and today, you will find out exactly how Simplii Financials does it.
This article is an in-depth look at how Simplii Financials make money from an online-only banking business model.
Take a sit and let us dive into this.
How Does Simplii Financial Make Money?
When it comes to making money, Simplii Financials generates revenues from the following streams;
- Personal bank account
- Loan products
- Investment products
Simplii Financials leverages an online banking portal and a mobile app to serve you.
These are the two channels the business uses to make money.
With Simplii Financials, you can open new bank account, transfer funds, deposit cheques, pay bills and manage your investments among others.
Simplii is backed by CIBC and provides several financial products to its clients.
Using Simplii allows you to manage your finances without needing to set foot in a bank branch.
However, if you are looking for a business account, Simplii is not for you.
In recent times, Simplii Financials has enhanced the GMT services to enable same day, no-fee cash transfer across the borders.
You will be glad to know that Simplii Financials is delivering a great mobile experience to over 1.8 million customers.
The bank’s customers enjoy no-fee daily banking with no minimum balance and high interest saving rates.