Envel AMA Postponed to 2/18, 8am EST: Come chat with us!

UPDATE: new link here: https://meet.google.com/kus-iuma-rwo

No problem, I will see you guys on the 18th. Looking forward to it!

1 Like

Unfortunately I can’t make that one. Stupid time zones LOL . Well maybe the next one.

1 Like

Another time zone issue here, though I’d love to participate.

Maybe the third AMA/feedback session could be in the afternoon to capture west coasters and those of us who don’t wake up quite so early? :sleeping:

However based on other posts, it seems that most of my perspectives will be represented. So that’s good. :slight_smile:

1 Like

Yeah sadly I won’t make that one either. That’s 5am PST for me. Maybe next time, thanks for the heads up @jacqueline

1 Like

As are we! Excited to have you on board

Sorry about that! If you have any questions or topics you would like addressed, definitely let us know

Glad to hear that! Sorry about the time zone issues, it’s challenging to coordinate so that our leadership team is able to make it. I will chat with them about an earlier session and keep you posted.

For now, let us know if there are any questions or topics you would like covered!

1 Like

Sorry to hear that! I will chat to the team about an earlier session, and for now let us know if you have any questions or topics you would like covered!

I would like to attend. I’m most curious to know what plans may be in place for us Simple users who will be losing our budgeting tools

1 Like

Definitely! We are currently working on incorporating revamped budgeting/bills functionalities, that should address a lot of the feedback we’ve heard from Simple users.

Stay posted, and can’t wait to chat with you! And welcome to our forum, feel free to post any feedback or questions on here before the AMA.

Cheers,
Jacqui

@jacqueline This is one of the questions that I had planned to ask in the AMA session, so I’ll ask it here now and maybe in the future once I can attend one. Apologies for the long thread in advance.

So one of my primary concerns with moving to a new bank and investing time learning the platform, researching stuff on Reddit/these forums, dealing with bugs/shortcomings/missing features, and moving money around, is whether the bank in question (Envel in this case) is going to be around long enough for that to be worth it (and I get that this is nearly impossible to answer with accuracy no matter what anybody says).

So I’m curious to know if you guys are currently working or have near-future plans of introducing a paid / premium tier to which more “power users” can subscribe to? I was reading through the financials on Envel’s WeFunder page, and if you’re aiming to be pulling in revenue of approx. $30K/mo with operating expenses of around $268K/mo by April 2021, given the amount of capital that the company has received on WeFunder plus MIT Sandbox and Angel Investors, and how much cash in hand it says that the company had as of September 2020 (under $1M), it looks to me like the company could potentially benefit a lot from offering some kind of premium tier to pull in that additional revenue, especially if you also want to offer Savings Accounts in the future, which would be another big expense for the company.

I can only speak for myself, but I would be totally onboard with supporting the business via a monthly subscription that helps pay for the operating costs of developing killer features for users. Simple had a lot of great features that even 10 years later, no bank has them, which is appalling to be honest, but that’s how much the financial industry is lagging behind in terms of tech. Even though these Simple features were free, they were only generating revenue through interchange and, ultimately, this wasn’t enough for PNC/BBVA and it likely was one of the main things that led to them getting shut down.

Thanks and please let me know if anything I said needs clarification.

1 Like

No need for apologies!

When I was interviewing for Envel back in Sept 2020, one of my questions was “So how will Envel make money?” (I wasn’t super knowledgeable about transaction fees back then). The revenue stream Steve (our CEO/Founder) first mentioned was a premium subscription model!

So yes, it is on our roadmap and has been from the beginning. The current focus of the dev team is on perfecting existing functionalities, particularly surrounding the AI, so that we can best serve all of our users, even those who may not be able to pay. As we continue to grow the dev team, I think this is something that we could definitely prioritize.

I am glad you brought this up, as it has definitely taken a backseat to other priorities. I believe the amount Steve initially through out was $10 monthly for additional features. Nothing crazy expensive, although eventually we could even have tiers!

I will bring the team and see if I can get you a better update on where we are at! If you have thoughts on costs, additional features users would get with premium, etc, I would love to hear them.

Best,
Jacqui

Thanks for the response! Yeah I think $10 is very fair, and I think this, together with continuous crowd funding, could be two things that could potentially help Envel with the finances that a lot of other competing modern banks don’t have (Varo, Chime, One, the list is long).

It looks like right now it’s too early to list features for that premium tier. But when that’s a feature that’s in development or when you feel it’s a better time, feel free to ping me and I’ll be more than happy to provide detailed feedback and thoughts around this, and beta test if that helps.

1 Like

Sounds good! We’ll keep you posted with updates on new/upcoming features, thank you for your willingness to help out!

@jacqueline wish I could attend, but being in Pacific time zone that’s just a bit early for me.

I completely understand, 8 am is early for me even on the east coast. If you have any questions or topics you would like covered, feel free to let us know!

I just found out about Envel today and am excited to join the chat. I have been a Simple user for the past 3 years and am panicking trying to find a comparable bank to transition to.

Does Envel offer and option to “mail a check” or offer checks? While this is an archaic method, some places still require it.

Cheers!

Hi Matthew! Welcome to the forum! We’re thrilled to have you here :grin:

We’re hoping we can alleviate your panic and give you a suitable alternative to transition to :raised_hands: Thanks for bringing this up! Envel currently doesn’t offer checks. We are, however, working on a solution for this as many vendors to whom bills are paid require checks.

Additionally, as we get more feedback, we are able to see whether more and more people request similar things and therefore make a concerted effort to fulfil the need :100:

Please keep posting questions and check out our help center for some extra info!

I’m new to Envel, but I’m excited about the possibilities it offers. It’s a bit early for me, but I wouldn’t mind joining the conversation if there are invites available.

Thanks!

1 Like