In 2009, Shamir Karkal and several colleagues created the first digital-only bank of its kind in the U.S. Struggling to describe the benefits of a bank without branches, getting funding was a difficult process. As it turned out, Simple not only grew, but was one of the first neobanks to be acquired by a legacy financial institution. When Shamir tried to generate interest for his new financial technology start-up, Sila, he generated $5 million in funding in only a few months … in a marketplace that readily embraces fintech start-ups today. On the show, Shamir Karkal, Founder & CEO of Sila, discusses how innovation in the banking industry has changed since the early days of Simple, and what the prospects are for innovation and digital banking transformation in the future. This Episode of Banking Transformed is Sponsored by Microsoft: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices This Episode of Banking Transformed is Sponsored by FIS Global  If you’re looking to transform, then look no further than FIS’s Modern Banking Platform. Cloud-enabled, containerized, open and secure – it’s built from the ground up to meet the unique challenges and opportunities of the digital age. More at: fisglobal.com/modernbanking