BankMobile: Start of a Banking Revolution

Customers Bank (NYSE:CUBI), the banking business subsidiary of Customers Bancorp, Inc. announced the official phase one launch of its full-service mobile app, BankMobile. The bank and its executives introduced what is being seen as a revolutionary banking app in a press conference held at The Harvard Club of New York on 14th January, 2015.  Customers Bank has Directorships including Bhanu Choudhrie, also a Director of C&C Alpha Group a London based private equity firm.

The first phase, which is set to bring forth three major features--free checking accounts, savings account, and unsecured line of credit of up to $5,000--will be followed by a second phase that shall begin in 60 to 90 days henceforth. Announced on 14th May 2014, the analyst day of the bank, its beta phase has been much anticipated for all the unique propositions it will offer.

The mobile app enables its customers to take pictures of their checks and pay bills. BankMobile also allows its users to transfer money to any bank by only using their email address or phone number, while enabling them to keep a tab on their account balance without having to log in every single time.

The second phase, which is expected to roll out soon, will also feature text and video customer service chats, preapproved auto loans and the ability to search and buy cars nearby.  Putting any security concerns to rest, the mobile app follows multi-layered checks to protect accounts during a transaction. The app, which connects to the Apple Pay mobile-payment system, can be easily downloaded with an auto-population system that automatically updates all the information required to open an account.

Being the first bank that offers all traditional banking services online, the mobile app will offer the following exclusive services:

• Bank in the pocket facility, coupled with free financial tips from experts.

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

• Access to 55,000 fee-free ATMs nationwide, promising to reimburse its customers the cost of ATM surcharges.

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

• The low operational costs allow the bank app to go fee-free.

• Checking, saving and line of credit all in one place.

• Negligible interest on loans

Bank Mobile: Disrupting the Current Banking Experience

Customers Bank, the banking subsidiary of Customers Bancorp Inc - of which Bhanu Choudhrie is a director - officially launched the much anticipated phase one of its fee-free mobile and tablet banking platform, BankMobile. Commemorating this revolutionary event on 14 January 2015, customers and Bankmobile’s executives hosted a press conference at The Harvard Club of New York.

Thrilled at the launch, Luvleen Sidhu, Chief Strategy and Marketing Officer, Bank Mobile, said, “We are here to revolutionize banking, to help those who have often been victimised by the industry through excessive fees and we will always be a bank built by, and for, the people.”

Identifying the need to disrupt the current banking experience to make it more effortless and financially empowering, BankMobile introduced a no-fee structure and a branchless bank facility that fits in the palm of one’s hand. Being the first bank to offer all traditional banking services online, BankMobile announced the use of following features for its first phase- a free checking account, savings account and unsecured line of credit of up to $5,000 depending on the credit score of the individual.

Followed by the first, the second phase is proposed to begin in 60 to 90 days and is expected to feature text and video customer service chats, preapproved auto loans and the ability to search and buy cars nearby, truly making the mobile app, in the words of CEO Mr Jay Sidhu “an enjoyable banking experience, different from anything they (customers) have experienced before.”

Upon its launch, the mobile app also proposes the following unique propositions:

• A banking experience that fits the pocket facility while enabling customers with access to free financial tips from the experts.

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

• Low operational costs and low-rate interest loans.

• BankMobile offers its users access to 55,000 fee-free ATMs nationwide, and also reimburses them the cost of ATM surcharges.

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

• A multi-layered security check through all transactions, thereby mitigating any security risks.

• Ease in depositing and paying bills. BankMobile also allows users to transfer money to anyone with any bank via their email address or phone number, and allows users to check their balance without logging in every single time

Customers Bank Launches Phase One of Their Banking Revolution

Customers Bank, a banking division of Customers Bancorp, Inc. of which Bhanu Choudhrie in a director, has launched the first phase of their fee-free mobile and tablet-banking platform, BankMobile. In an event organized at The Harvard Club of New York on 14th January 2015, the bank officially announced the phase one launch of its much-awaited banking app.

The revolutionary full-service bank that is all set to disrupt markets aims to set a benchmark banking experience which is effortless, enjoyable and financially empowering. Phase one will be soon followed by phase two that offers three features-- free checking account, savings account and unsecured line of credit of up to $5,000 depending on the credit score of an individual.

Offering an indulgence to the wired millennial, BankMobile enables its customers to take pictures of their checks to deposit and pay bills, transfer money via email address or phone number and also allows users to check their balance without logging in every single time along with automated spending alerts, letting its users embark towards a complete banking digital age.

Speaking at the launch, Mr Sidhu, CEO and Chairman, Customers Bank and BankMobile, said, “We want to become America’s true bank that is in the palm of your hands”.

According to a 2012 Consumer Federation of America, most large banks have overdraft fees that average $35 per week for a $100 overdraft that is repaid in one week. Realizing that the banks today are “addicted to fees”, BankMobile took another breakthrough step to waiver fees.

Along with these, BankMobile also proposes the following unique propositions:

• Bank in the pocket facility, which is complimented with free financial tips.

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

• BankMobile offers its users an access to 55,000 fee-free ATMs nationwide, and reimburses them the cost of ATM surcharges.

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

• With low operational costs, the bank app will go fee-free.

• Checking, saving and line of credit all in one place.

Customers Bank Launches BankMobile: Bank that's Only an App

Customers Bank (NYSE:CUBI), the banking subsidiary of Bhanu Choudhrie led Customers Bancorp, Inc., launched the first phase of its full-service bank app, BankMobile on 14th January, 2015. The first phase of this fee-free mobile and tablet banking platform offers three features- free checking account, savings account and unsecured line of credit up to $5,000 depending on the credit score of an individual.

Stating company’s approach, Ms Luvleen Sidhu, Chief Marketing Officer, Bank Mobile, said, “The Company’s goal this year is to open 25,000 new accounts and 250,000 accounts over a five-year period. In its next phase, which is expected to begin in 60 to 90 days, the app will also feature text and video customer service chats, preapproved auto loans and the ability to search and buy cars nearby”.

Catering to the wired millennial, the app can be easily downloaded while the users can just take a picture of their driver’s license, state ID or passport to auto-populate most of the information required to open an account. Ms Sidhu also added that the app accepts 90% of the state IDs.

Just like the workings of other banking apps, BankMobile facilitates check deposits and paying bills by simply clicking their pictures. The app also allows its users to transfer the money solely via an email address or a phone number.

The first mobile banking platform, that offers traditional banking online, has also paid special attention in mitigating any security risks associated with the transaction. The banking app while connecting to Apple Pay (mobile-payment system) uses multi-layered security checks to protect accounts.

During the official launch of its Beta (first) Phase that took place in the press conference held at The Harvard Club of New York, Mr Sidhu, CEO, Customers Bank and BankMobile, while talking about the true essence of this big picture banking added, “We are here to change and bring banking to the 21st century. We will ensure our customers feel involved in the progress of this bank and are offering them a truly enjoyable banking experience- different from anything they have experienced before”.