A starting surge is something every business looks for, and BankMobile, America’s first no-fee, mobile, tablet and online bank, has certainly got one. Not even a year into operations yet, it looks set to be among the top banks in the country, having acquired 100,000 customers, and set to scale up to two million by July 2016.
BankMobile’s parent company, Customers Bank, is also planning to dive into the GenX and millennial market and recently acquired One Account Student Checking and Refund Management Disbursement business of Higher One, Inc.
If this trend carries on, BankMobile will make a mark among the top 25 banks in the country in terms of the number of consumer checking accounts, with 500,000 new student checking accounts are slated to be added 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 was ecstatic with the bank’s success. “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, discussing the interesting features of BankMobile.
“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.
Along with seamless service, features like free checking on savings accounts and access to more than 55, 000 surcharge-free ATMs in the US are helping BankMobile position itself as a market favourite.
“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 including prominent business people such as Bhanu Choudhrie, founder of C&C Alpha Group.