When The Broadway Diner Died, So Did Red Bank

In late July, the Red Bank Broadway Diner abruptly shut down; Growing up in Monmouth County, the spot was a rite of passage.

Elvis has left the building. The diner is out of business.

Bacon Cheeseburger. Medium Rare. And a Coca-Cola.

My usual. Every Friday and Saturday sometime after three in the morning for the last four years I lived in New Jersey at the Broadway Diner in Red Bank at the end of Rt. 35.

I moonlighted over the weekends as a bouncer at a bar a few miles up the road. Grew up in a neighborhood close by. And, during my tenure at that Diner’s counter, I made friends out of the waiters, waitresses, busboys and hostesses; threw out unwieldy customers, often for the reward of a free slice of coconut-custard pie; and learned every cranny of that greasy little spoon, including the wall-mounted jukeboxes at every table (which didn’t work).

Diners — especially those in New Jersey — are like that.

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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: