Introducing New Age Digital Banking: BankMobile

Customers Bank, a banking subsidiary of Customers Bancorp, Inc., a bank holding company in Wyomissing, Pa. has launched the first ever branchless banking service—BankMobile. The bank officially announced the phase one launch of its banking app in a press conference hosted at The Harvard Club of New York on 14th January, 2015.The bank, which has prominent directorships like Mr Bhanu Choudhrie, believes in contributing exceptional value, service and convenience, all vouching for an effortless banking experience.

The phase one which has rolled the following features – free checking account, savings account and unsecured line of credit of up to $5,000—will soon be followed by its second phase. The second phase, unlike most traditional banking apps, proposes the following for its customers to experience bliss in their pocket facility – text and video customer service chats, preapproved auto loans and the ability to search and buy cars nearby.

Speaking at the inaugural ceremony, Ms Luvleen Sidhu, Chief Strategy and Marketing Officer of BankMobile, said, “We are thrilled to officially launch BankMobile. We are here to revolutionise banking, to help those who have often been victimised by the industry through excessive fees and we will always be a bank built by, and for, the people.”

In its first phase, the app lets its users to take pictures of their checks to deposit and pay bills. It also allows the customer to transfer money to anyone with any bank through their email address or phone number, and enables its users to check their balance without logging in every single time.

Endeavouring to financially empower the millennial, the mobile app offers these unique propositions:

  • ‘America’s true bank that is in the palm of your hands’, along with free financial advices from the experts.
  • High rates on saving accounts, which 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, promising to reimburse its customers the cost of ATM surcharges.
  • Access to a line of credit up to $5,000.
  • The low operational costs allowing the bank app to go fee-free.
  • Checking, saving and line of credit all in one place.
  • Negligible interest on the loans
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