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Click on the "team" button and look at the crew running that bank. They look like a bunch of kids running it out of their parents basement. Notice they are all standing in front of the same brick house?
Yet, this is not a bank, its some sort of middle man deal. Nothing wrong with their looks. I look like a European Techno Music Star (which I really am) and not a Private Equity Player. Save the cheesy Wallstreet Look for the Cheesy Corporate cubical jocks.....and the cheesy GS look. I was involved in Two Start up banks....raised money ...they are well capitalized and reside in North Dakota and Texas. However, these were traditional private banks.
At the low end, banking is literally just a commoditized business. Ease of access to ATM's and branches is probably the top concern. Since we've been in a "low rate environment" for the past decade, everyone has basically given up on the premise of earning interest in a checking account. So balances are relatively low and people do auto bill pay in most of their accounts, etc, etc... As much as I hate to say it, the TBTF's will continue to dominate this landscape because they have a physical presence on every street corner. Have a question, they've got someone there in person. The concept of a cyber bank has been around for awhile but I don't think it's gained traction for all of the above reasons.
From the website FAQ... "Will my deposits be insured by the FDIC?Yes, all deposits will be insured to the FDIC limit (currently $250,000) through our partner banks at launch..." So your account will be FDIC insured the first day. After that, they will take your money and loan it out to people. Since they are not with the fed, they cant print money if they loan out too much, meaning if they loan out too much money and too many people want their cash now, you might not be able to get yours.