Saturday 14 February 2015

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

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