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”.