Branchless and Full- Service Bank ‘App’ is Finally Here!

Customers Bank, (NYSE:CUBI), the banking subsidiary of Bhanu Choudhrie’s Customers Bancorp, Inc. launches the most awaited, free tablet and mobile banking platform. An independently operating digital banking service, BankMobile, introduced its first phase on 14th January 2015 in a press conference organised at The Harvard Club of New York.

Having launched its first phase that offers three features for the current use-free checking account, savings account and unsecured line of credit of up to $5,000, the branchless service bank expects to begin its second phase in 60 to 90 days. The forthcoming phase of the bank app will also feature text, video customer service chats, preapproved auto loans and the ability to search and buy cars nearby.

Hoping to cater to the wired millennial, Jay Sidhu, CEO, Customers Bank and BankMobile, said, “Millennials embrace technology. They want simplified banking services, hate paying fees and want to open bank accounts on a smartphone”.

A pioneer in offering traditional banking services online, BankMobile allows its users to check their balance without logging in every single time and transfer the money to anyone with any bank just through their email address or phone number. The banking revolution also endeavours to financially empower its customers by letting them take pictures of their checks to deposit or bay bills.

Mitigating any security concern, Mr Sidhu confirmed that the app while connecting to Apple pay, mobile-payment system, follows multi-layered security checks to protect the accounts.

Leveraging the latest technology, BankMobile propose the following unique propositions:

  • Bank in the pocket facility, which is complimented with free financial advices from the professionals.
  • High rates on saving accounts, which are at least 0.25% higher than those offered by the four largest banks in the United States.
  • 55,000 fee-free ATMs across the country that should be a part of STAR network.
  • Access to a line of credit up to $5,000.
  • Zero charge, including no overdraft fees.

Being a first bank to allow the customers to open checking and savings accounts along with permitting a credit line via an app, Bhanu Choudhrie’s Customers Bank in the words of Mr Sidhu is certainly “America’s true bank that is in the palm of your hands”.

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