For Simple, The Struggle for Active Users; For BBVA, A Big Bet

Quartz was able to obtain an internal document outlining the recently acquired (for $117 million) subsidiary of BBVA current “key” metrics.

The outlook described Simple’s struggle to gain active users

Qz: 

The draft Simple document refers to 33,387 active customers in April, up 4.5% from March. But it notes that “customer acquisition is slower than expected” and “deposits per customer are growing slower than expected.”

In a response, Simple CEO’s Joshua Reich didn’t necessarily address the issue. But he did clarify the issue:

Like most businesses, we’re looking for active customers. Banks have traditionally defined ‘active’ as any customer who’s made at least one financial transaction within a month. This definition doesn’t work for us. We’ve found that our customers benefit from Simple most when they use it as their primary bank account, marrying their spending and saving with our real-time transaction data and Goals. Because of this, we set a higher bar to measure activity.

When  BBVA bought Simple, it said it was doing so for its customers — obviously a point of contention. Still, for the Spanish banking company, Simple isn’t only a source of (relatively small) revenue.

It’s also, most likely, a petri dish of sorts; A sandbox of new features for a tech savvy audience.

Something the Spanish-banking company is already trying to do with its NBA banking account, and its corporate venture capital arm.

@AmerBanker on BBVA Ventures (January, 2013):

Spotify (Internal) Data Breach; Initially Only One User Affected

Could Atlanta be the Next Silicon Valley: Atlanta Fed

Federal Reserve Bank of Atlanta (SouthPoint blog):

Sending Bitcoin Over Facebook: QuickCoin

PCWorld:

Illinois Utility Company Hacked; Operations Weren’t Affected, DHS says

Reuters:

A foreign cyberattack on the computer control systems of an Illinois water utility system earlier this month burned out a water pump, according to a recent state report. The attack may be the first known attempt to successfully destroy a piece of critical US infrastructure, say industrial control-system experts.
The Federal Bureau of Investigation and other agencies are investigating the Nov. 8 cyberattack, said Peter Boogaard, a spokesman for the Department of Homeland Security (DHS), in a written statement. The name of the utility was not released.

Federal Investigators would later go on to deny that the breach occured.