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