Thursday 5 March 2015

Experience Branchless Banking with BankMobile

Just a few years back, mobile banking seemed unimaginable. Today, it is a must-have for every smartphone user. While not all banks can branch out across their client spectrum, smartphone users can carry a branch in their pocket at all times.

As mobile banking continues to evolve and change the retail-banking landscape, Customers Bank (NYSE:CUBI) officially launched phase one of BankMobile, its much anticipated free mobile and tablet banking platform. Customers Bank has notable Directorships like Mr Bhanu Choudhrie who is also a Director of C&C Alpha Group, a London-based private equity firm.

First announced during the analyst day of the bank on 14 May last year, ‘Customers’ rolled out the following three features with its first phase--free checking account, savings account and unsecured line of credit of up to $5,000.

Talking about the mobile app during its launch, Mr Jay Sidhu, CEO, Customers Bank and BankMobile, said, “We are here to change this [stalled innovation in banking industry] and bring banking to the 21st century. We will ensure that 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”.

In the next phase, which is proposed to begin in 60 to 90 days, the app will feature text and video customer service chats, pre approved auto loans and the ability to search and buy cars online. With a goal to open 25,000 new accounts this year, the bank also expects to open 250,000 accounts over a period of five-years.

Being the first bank to offer all traditional banking services online, BankMobile will give access to the following features:
  • A branch experience which fits the palm of hand along with free financial advices from the professionals.
  • 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, and reimburse the customers the cost of ATM surcharges.
  • Multi-layered security checks to protect accounts.
  • Access to a line of credit up to $5,000, depending on the credit score of the individual.
  • Fee-Free banking and a freedom from overdraft fees.

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