BankMobile, America’s first no-fee, mobile, tablet and online bank, has had a remarkable start and has already acquired 100,000 customers less than a year after its launch. If it keeps up this pace, it will be serving two million customers by July 2016.
Its parent company, Customers Bank has been busy forming intricate strategies to tap the Gen X and millennial market. It has acquired One Account Student Checking business and related Refund Management Disbursement business of Higher One, Inc., a service which is already renowned for catering to nearly 900 higher education campuses across the United States when it comes to providing refund disbursements.
By mid-2016, BankMobile will become one of the top 25 banks in the nation in terms of the number of consumer checking accounts and it will be adding nearly 500,000 new student checking accounts each year.
“This acquisition positions BankMobile to be the primary banking relationship for these millennial and Gen X students as they graduate, evolve into young professionals, and start their own families,” expressed Jay Sidhu, Chief Executive Officer of BankMobile and Customers Bank. “Our vision of providing financial freedom to millennials and the underbanked through BankMobile has very quickly become a reality. There is no bank in the country that has achieved the level of success that BankMobile has within its first year of launch.”
“It is truly exciting that BankMobile can now provide affordable, effortless and financially empowering banking to a large number of students across the United States, who are burdened by student debt, high fees from banks, and lack access to financial education to help them make prudent financial decisions,” said LuvleenSidhu, Chief Strategy &Marketing Officer of BankMobile, while talking about the priority of providing effective student loans in the country.
“Our mission has and always will be to financially empower our customers and we look forward to not only providing traditional banking services but also the tools and personal guidance they need to build a financially stable life.” She added.
One of the reasons BankMobile is forming a large customer base is that it offers checking and savings accounts for no fee at all, along with an access to more than 55,000 surcharge free ATMs in the USA.
“By providing a superior product that is easier to use and is more affordable, we hope to create the ‘Uber of Banking’ at BankMobile,” Jay Sidhusaid.
Customers Bank is a subsidiary of Customers Bancorp, Inc., a bank holding company in Wyomissing, Pennsylvania and has a board of directors includingthe likes of acclaimed businessman Bhanu Choudhrie, the founder of C&C Alpha Group.