In the age of digital, nearly every bank in the USA has web or mobile portal extensions. But BankMobile elicits an entirely different image: that of freedom from archaic banking model and unnecessary charges. So what is it that BankMobile is doing differently?
BankMobile, the purely mobile and tablet banking division of Customers Bank (NYSE:CBI), offers traditional banking services like checking, savings, line of credit and joint account all based out of your smart phone.
With the revolutionary banking app, now opening new accounts is simplified to the extent that uploading an image of your identity proofs and other pertinent information via phone will suffice. Fund transfer can be done simply by punching in the beneficiary’s mobile number or email address. Bills can be disbursed and cheques deposited simply by snapping an image. The branchless bank can even dispense cash; just walk in at one of the 55000 ATMs nationwide and you can withdraw cash without ever paying a single penny as transaction cost. And not only that, because there are no brick-and-mortar branches to upkeep or personnel to maintain, BankMobile is able to offer most of its services without a fee.
Positive of an overwhelming response from the netizens, Mr. Jay Sidhu of the Customers Bankcorp Inc., already has expansion plans in place. BankMobile will encroach further on the services exclusively available at traditional banking divisions in a phased manner. Its first phase was officially launched in a press conference held at The Harvard Club of New York on the January 14th whereas the second leg is touted to be rolled out soon, which would entail more banking services such as mortgage and auto loans. It promises user-friendly services with no hidden fees, higher rates and no minimum balances.
Moreover, to waive off any security related apprehensions, it also puts in place a formidable multi-layered security mechanism and is FDIC-insured to protect customers’ assets. Available for all smartphones on the Google Inc. and Apple Inc. stores, the current version of BankMobile primarily promises following prospects:
• A branch experience, which fits the palm of hand along with free personal financial advices from the professionals.
• High rates on saving accounts, which are at least 0.25% higher than those offered by the United States’ four largest banks.
• Access to 55,000 fee-free ATMs across the country; more than three times the total number of Bank of America ATMs.
• Access to an unsecured line of credit up to $5,000.
• Zero charge, including no overdraft fees.
The parent company recognised the need to overhaul banking practices in order to make it more enjoyable, effortless and financially empowering for the customers, and BankMobile is a pioneering step in this direction. With eminent directorship such as Bhanu Choudhrie, Customer Bankcorp Inc. is committed to stay relevant to the needs of its customers and revolutionize the banking landscape.