BankMobile has started off with a bang! Acquiring 100,000 customers in under a year of operating. However, it comes as little surprise as BankMobile continues to make a mark as a consumer favourite through some immaculate services and offers like free checking and savings accounts and access to more than 55, 000 surcharge free ATMs in US.
At this rate, BankMobile will hit 2-million account holders by July 2016, which would position it among the top 25 banks in the country (in terms of consumer checking accounts). Estimates posit 500,000 new student checking accounts to be added each year.
BankMobile’s parent company, Customers Bank, is trying out new acquisition strategies to tap the GenX and millennial market and it seems to be paying off—the bank recently acquired One Account Student Checking and Refund Management Disbursement business of Higher One, Inc.
"This acquisition positions BankMobile to be the primary banking relationship for these millennial and Gen X students as they graduate, evolve into young professionals, and start their own families," Jay Sidhu, Chief Executive Officer of BankMobile and Customers Banksaid their ambition is to provide financial freedom to millennials. "Our vision of providing financial freedom to millennials and the underbanked through BankMobile has very quickly become a reality. There is no bank in the country that has achieved the level of success that BankMobile has within its first year of launch."
"It is truly exciting that BankMobile can now provide affordable, effortless and financially empowering banking to a large number of students across the United States, who are burdened by student debt, high fees from banks, and lack access to financial education to help them make prudent financial decisions," said Luvleen Sidhu, Chief Strategy &Marketing Officer of BankMobile, further adding that the bank’s goal is to provide a financially stable life to all the customers.
At this rate, BankMobile will hit 2-million account holders by July 2016, which would position it among the top 25 banks in the country (in terms of consumer checking accounts). Estimates posit 500,000 new student checking accounts to be added each year.
BankMobile’s parent company, Customers Bank, is trying out new acquisition strategies to tap the GenX and millennial market and it seems to be paying off—the bank recently acquired One Account Student Checking and Refund Management Disbursement business of Higher One, Inc.
"This acquisition positions BankMobile to be the primary banking relationship for these millennial and Gen X students as they graduate, evolve into young professionals, and start their own families," Jay Sidhu, Chief Executive Officer of BankMobile and Customers Banksaid their ambition is to provide financial freedom to millennials. "Our vision of providing financial freedom to millennials and the underbanked through BankMobile has very quickly become a reality. There is no bank in the country that has achieved the level of success that BankMobile has within its first year of launch."
"It is truly exciting that BankMobile can now provide affordable, effortless and financially empowering banking to a large number of students across the United States, who are burdened by student debt, high fees from banks, and lack access to financial education to help them make prudent financial decisions," said Luvleen Sidhu, Chief Strategy &Marketing Officer of BankMobile, further adding that the bank’s goal is to provide a financially stable life to all the customers.
"Our mission has and always will be to financially empower our customers and we look forward to not only providing traditional banking services but also the tools and personal guidance they need to build a financially stable life." She said.
Along with ahead-of-the-curve services, features like free-checking on savings accounts and access to more than 55, 000 surcharge-free ATMs in the US are helping BankMobile take the market space by storm.
"By providing a superior product that is easier to use and is more affordable, we hope to create the 'Uber of Banking' at BankMobile," Jay Sidhu said.
Customers Bank is a subsidiary of Customers Bancorp, Inc., a bank holding company in Wyomissing, Pennsylvania and has a board of directors which includes eminent businessmen including Bhanu Choudhrie, founder of C&C Alpha Group.
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