Bank Free! Customers Bank Launches an ‘App’ Only, Branchless Bank

Customers Bank (NYSE:CUBI), the banking arm of Customers BanCorp, Inc. has launched BankMobile, a fee-free mobile and tablet banking platform. The bank announced its official phase one launch on January 14th, 2015 followed by a press conference hosted by the executives of Customers Bank and BankMobile at The Harvard Club of New York.

Since 14th May, 2014, (the analyst day of ‘Customers’) when the bank first announced this banking app there has been much anticipation regarding the launch of its ‘Beta Phase’ (phase one). Now with the launch of its first phase, Jay Sidhu, Chairman and CEO, Customers Bank and BankMobile, believes that this launch is sure to disrupt the current banking experience hence making it more effortless, enjoyable and financially empowering.

The unveiling of its first phase has brought the following three features into effect–free checking account, savings account and unsecured line of credit of up to $5,000– all vouching for a ‘bank in your palm’ experience. The second phase that is expected to begin in 60 to 90 days will also feature text and video customers service chats, preapproved auto loans and the ability to search and buy cars nearby.

Customers bank is the first bank to offer traditional banking online through specifically designed secure transaction gateways to mitigate any security concerns. The app features multi-layered security checks to protect the accounts along with automated spending alerts, connected with Apple Pay, a mobile-payment system.

Hoping to offer an indulgence to the wired millennials, Director Bhanu Choudhrie, along with all those at Customers Bank, also propose the following via BankMobile:

• A branch experience, which fits the palm of hand along with free financial advices from the professionals.

• High rates on saving accounts that 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, and reimburse the customers the cost of ATM surcharges.

• Access to a line of credit up to $5,000, depending on the credit score of the individual.

• Fee-Free banking and a freedom from overdraft fees.

Branchless and Full- Service Bank ‘App’ is Finally Here!

Customers Bank, (NYSE:CUBI), the banking subsidiary of Bhanu Choudhrie’s Customers Bancorp, Inc. launches the most awaited, free tablet and mobile banking platform. An independently operating digital banking service, BankMobile, introduced its first phase on 14th January 2015 in a press conference organised at The Harvard Club of New York.

Having launched its first phase that offers three features for the current use-free checking account, savings account and unsecured line of credit of up to $5,000, the branchless service bank expects to begin its second phase in 60 to 90 days. The forthcoming phase of the bank app will also feature text, video customer service chats, preapproved auto loans and the ability to search and buy cars nearby.

Hoping to cater to the wired millennial, Jay Sidhu, CEO, Customers Bank and BankMobile, said, “Millennials embrace technology. They want simplified banking services, hate paying fees and want to open bank accounts on a smartphone”.

A pioneer in offering traditional banking services online, BankMobile allows its users to check their balance without logging in every single time and transfer the money to anyone with any bank just through their email address or phone number. The banking revolution also endeavours to financially empower its customers by letting them take pictures of their checks to deposit or bay bills.

Mitigating any security concern, Mr Sidhu confirmed that the app while connecting to Apple pay, mobile-payment system, follows multi-layered security checks to protect the accounts.

Leveraging the latest technology, BankMobile propose the following unique propositions:

• Bank in the pocket facility, which is complimented with free financial advices from the professionals.

• High rates on saving accounts, which are at least 0.25% higher than those offered by the four largest banks in the United States.

• 55,000 fee-free ATMs across the country that should be a part of STAR network.

• Access to a line of credit up to $5,000.

• Zero charge, including no overdraft fees.

Being a first bank to allow the customers to open checking and savings accounts along with permitting a credit line via an app, Bhanu Choudhrie’s Customers Bank in the words of Mr Sidhu is certainly “America’s true bank that is in the palm of your hands”.

Customers Bank at the National Summit of Education

Under the directorship of Bhanu Choudhrie, Customers Bank has expanded to assets worth $6.5 billion. The community-based, full-service bank, hosted keynote speaker Marcus Lautrell on Veteran’s Day 2014 and made a representation at the Foundation for Excellence in Education 2014 National Summit on Education Reform in Washington, D.C. through Dick Ehst, President and Chief Operating Officer Customers Bank.

The Summit kicked off with a keynote address from Governor Jeb Bush, the founder and chair of the Foundation for Excellence in Education. Joining him was Condoleezza Rice, Former Secretary of State and current professor at Stanford University who took stock of the nation’s education health in her address.

Governor Bush has been a driving force in strengthening academic standards in Florida. In his acknowledgement of Bush’s endeavors, Ehst said, “The governor insisted on accountability in public schools. As a result of his actions, today, more Florida students are reading, writing and doing math and science at- or above grade level. These results are very impressive.”

Customers Bank is the banking subsidiary of holding company Customers Bancorp, Inc and is listed on the NASDQ under the symbol CUBI with Bhanu Choudhrie as the director. It’s a member of the Federal Reserve System insured by the FDIC. Its outreach spans small and medium businesses and the professional community of Pennsylvania, New York, Rhode Island, Massachusetts and New Jersey.

The bank has recently announced a mobile-tablet banking platform, BankMobile, which will enable users to avail banking services free of cost. The platform shall be tried out in beta and the feedback from the first 5,000 users shall be referenced for platform enhancement. BankMobile is talked about as a ‘one of its kind’ initiative that will revolutionise banking like never before with many ad hoc advantages for its users.