BankMobile, an independent operating digital banking division of Customers Bank (NYSE:CUBI), officially announced its phase one launch on January 14, 2015. Commemorating the event as revolutionary, Customers Bank hosted a press conference at The Harvard Club of New York. BankMobile, a free tablet and mobile banking platform is a subsidiary of Customers Bank under holding company Customers Bancorp that has notable Directorships such as Mr Bhanu Choudhrie— Winner of Entrepreneur of the Year 2008 at Asian Voice Political and Public Life Awards.
Rolled out to the clients of Customers Bank, the phase one offers three operations for immediate use — a free checking account, savings account and unsecured line of credit up to $5,000 depending on the credit score of an individual. Optimistic about the road ahead, Ms Luvleen Sidhu, Chief Marketing Officer, Bank Mobile, said, “The Company’s goal this year is to open 25,000 new accounts and 250,000 accounts over a five-year period. In its next phase, which is expected to begin in 60 to 90 days, the app will also feature text and video customer service chats, preapproved auto loans and the ability to search and buy cars nearby”.
Aspiring to introduce hassle-free banking that truly empowers and financially enables the wired millennials, the bank allows its customers to take pictures of their checks to deposit and pay bills. It also equips its users with the power to transfer money with any bank simply via an email address or phone number. BankMobile also allows the users to check their balance without logging in every single time.
Connecting to Apple Pay (mobile-payment system), the banking app hedges away any security concerns associated with online transactions.
Customers Bank, known for its use of industry-leading technology, provides its customers with access to their money.
It offers the following unique propositions with the introduction of its banking app:
- A branch experience that fits the palm of hand along with an access to a free financial advisor.
- High rates on saving accounts that are at least 0.25% higher than those offered by the four largest banks in the United States.
- An access to 55,000 fee-free ATMs nationwide, and reimburse the customers the cost of ATM surcharges.
- Access to a line of credit up to $5,000, depending on the credit score of the individual.
- Fee-Free banking and a freedom from overdraft fees.