BankMobile: A New High In Digital Banking

BankMobile, an independent digital banking division of Customers Bank announced its official phase one launch on 14th January 2015. Customers Bank (NYSE:CUBI) is a community-based, full-service banking subsidiary of Customers Bancorp. Inc. that provides a complete range of banking services to all small and medium-sized businesses, professionals, individuals and families through offices based in Pennsylvania, New York, Rhode Island, Massachusetts and New Jersey.

Launched at a press conference organised at The Harvard Club of New York, the first phase of BankMobile sets forth the following three features for current use-- free checking account, savings account and unsecured line of credit of up to $5,000 based on the credit score of the individual.

The second phase, anticipated to roll out in the following 60 to 90 days, will also introduce a set of prominent features like text and video customer service chats, pre-approved auto loans and the ability to search and buy cars nearby.

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

All geared up to infuse a new bit of innovation into the banking sector, the Customer Bank’s mobile app proposes the following unique propositions:

• A branch experience that fits the pocket facility, coupled with free financial tips from the experts.

• 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, promising to reimburse the cost of ATM surcharges.

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

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

• Negligible interest on the loans.

• Multi-layered security checks to protect the account.

Being a bank that is committed to fostering customer loyalty, Customers Bank has notable directorships, including Bhanu Choudhrie, who is also a Director at C&C Alpha Group, a London based private equity firm.