A great beginning is the dream of every business and BankMobile, America’s first no-fee, mobile, tablet and online bank, is living the dream by escalating to 100,000 customers less than a year after its launch. In keeping with the trend, BankMobile will be serving two million customers by July 2016.
Meanwhile, BankMobile’s parent company, Customers Bank, has also been active in the market, looking to cater to the GenX and millennial market by acquiring One Account Student Checking business and Refund Management Disbursement business of Higher One, Inc.
It’s predicted that by mid-2016, BankMobile will be one of the top 25 banks in the nation in terms of the number accounts being checked into 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,” Jay Sidhu, Chief Executive Officer of BankMobile and Customers Bank shared his vision for financial freedom. “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 Luvleen Sidhu, Chief Strategy &Marketing Officer of BankMobile, while talking about the need for an effective banking system 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.
BankMobile’s lucrative offers like free checking and savings accounts and access to more than 55,000 surcharge free ATMs in the United States have made it a favourite of many.
“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 Sidhu said.
Customers Bank is a subsidiary of Customers Bancorp, Inc., a bank holding company in Wyomissing, Pennsylvania and has a board of directors which includes eminent businesspeople including Bhanu Choudhrie, founder of C&C Alpha Group.