Bank Mobile: Disrupting the Current Banking Experience

Customers Bank, the banking subsidiary of Customers Bancorp Inc - of which Bhanu Choudhrie is a director - officially launched the much anticipated phase one of its fee-free mobile and tablet banking platform, BankMobile. Commemorating this revolutionary event on 14 January 2015, customers and Bankmobile’s executives hosted a press conference at The Harvard Club of New York.

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

Identifying the need to disrupt the current banking experience to make it more effortless and financially empowering, BankMobile introduced a no-fee structure and a branchless bank facility that fits in the palm of one’s hand. Being the first bank to offer all traditional banking services online, BankMobile announced the use of following features for its first phase- a free checking account, savings account and unsecured line of credit of up to $5,000 depending on the credit score of the individual.

Followed by the first, the second phase is proposed to begin in 60 to 90 days and is expected to feature text and video customer service chats, preapproved auto loans and the ability to search and buy cars nearby, truly making the mobile app, in the words of CEO Mr Jay Sidhu “an enjoyable banking experience, different from anything they (customers) have experienced before.”

Upon its launch, the mobile app also proposes the following unique propositions:

• A banking experience that fits the pocket facility while enabling customers with access to free financial tips from the experts.

• High rates on saving accounts which will at least be 0.25% higher than those offered by the four largest banks in the United States.

• Low operational costs and low-rate interest loans.

• BankMobile offers its users access to 55,000 fee-free ATMs nationwide, and also reimburses them the cost of ATM surcharges.

• Allows a line of credit up to $5,000.

• A multi-layered security check through all transactions, thereby mitigating any security risks.

• Ease in depositing and paying bills. BankMobile also allows users to transfer money to anyone with any bank via their email address or phone number, and allows users to check their balance without logging in every single time

Customers Bank Launches Phase One of Their Banking Revolution

Customers Bank, a banking division of Customers Bancorp, Inc. of which Bhanu Choudhrie in a director, has launched the first phase of their fee-free mobile and tablet-banking platform, BankMobile. In an event organized at The Harvard Club of New York on 14th January 2015, the bank officially announced the phase one launch of its much-awaited banking app.

The revolutionary full-service bank that is all set to disrupt markets aims to set a benchmark banking experience which is effortless, enjoyable and financially empowering. Phase one will be soon followed by phase two that offers three features-- free checking account, savings account and unsecured line of credit of up to $5,000 depending on the credit score of an individual.

Offering an indulgence to the wired millennial, BankMobile enables its customers to take pictures of their checks to deposit and pay bills, transfer money via email address or phone number and also allows users to check their balance without logging in every single time along with automated spending alerts, letting its users embark towards a complete banking digital age.

Speaking at the launch, Mr Sidhu, CEO and Chairman, Customers Bank and BankMobile, said, “We want to become America’s true bank that is in the palm of your hands”.

According to a 2012 Consumer Federation of America, most large banks have overdraft fees that average $35 per week for a $100 overdraft that is repaid in one week. Realizing that the banks today are “addicted to fees”, BankMobile took another breakthrough step to waiver fees.

Along with these, BankMobile also proposes the following unique propositions:

• Bank in the pocket facility, which is complimented with free financial tips.

• High rates on saving accounts, which are at least 0.25% higher than those offered by the four largest banks in the United States.

• BankMobile offers its users an access to 55,000 fee-free ATMs nationwide, and reimburses them the cost of ATM surcharges.

• Access to a line of credit up to $5,000.

• With low operational costs, the bank app will go fee-free.

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

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”.

America's First and Fee Free Mobile Bank is Finally Here!

Customers Bank (NYSE:CUBI), the banking subsidiary of Bhanu Choudhrie’s Customers Bancorp, Inc. officially launches the first and fee- free mobile and tablet banking platform on 14th January, 2015. Commemorating the revolutionary event, the bank hosted a press conference at the Harvard Club of New York.

Since the first announcement of BankMobile during the analyst day of Customers Bank on May 14, 2014, the anticipation for the Beta (Phase One) launch has been mounting, until recently when the branchless banking service officially rolled out to a group of 5,000 customers.

Speaking at the unveiling ceremony, Luvleen Sidhu, Chief Strategy and Marketing Officer, Bank Mobile, said, “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”.

Having identified the need to disrupt the current banking situation with effortless and financially empowering banking facility, the banking revolution endeavours to offer- checking, savings and joint accounts as well as a $5,000 line of credit. In addition, the customers will also have an access to about 55,000 fee-free ATMs across the country. By the middle of this year, BankMobile executive also announced to provide a full range of retail services, including mortgages and auto loans.

Leveraging the latest technology and security measures, the hassle-free banking service, proposes the following facilities:

• A branch experience which fits the palm of hand along with free financial advices from the professionals.

• High rates on saving accounts which are at least .25% higher than those offered by the four largest banks in the United States.

• An access to 55,000 fee-free ATMs across the country- that is more than three times the amount of Bank of America ATMs.

• Access to a line of credit up to $5,000.

• Zero charge, including no overdraft fees.

Thrilled at the launch, Warren Taylor, President, BankMobile, also added, “We know that what we have here is ground-breaking, and we look forward to sharing updates with those who seek to become a part of the BankMobile family”.

‘Never Pay Another Fee’ With This Digital Banking Innovation

Welcome to the Banking Revolution!

Customers Bank, the banking subsidiary of Bhanu Choudhrie's Customers Bancorp Inc. launched BankMobile, a free tablet and mobile banking platform. BankMobile, an independent operating digital banking division of Customers Bank was established in 2014. In the words of Luvleen Sidhu, Chief Strategy officer, BankMobile, “We want to create a bank for Millennials, built by the Millennials. We will launch in our most basic form, and then use crowdsourcing to co-build a bank with Millennials that they can finally feel they love”.

Ever since the official announcement of BankMobile during the analyst day of Customers Bank on 14 May 2014, the anticipation and interest about its Beta Testing Phase has been on a rise. The phase which rolled out in December this year is all set to make use of the responses provided by a group of 5,000 customers.

The testing phase offers free checking accounts, and a savings account with high rate of interest and lines of credit, to put out feelers for its initial use. These features, which are a part of special custom-tailored applications designed for Android and Apple users, are sure to offer the Big Picture Banking to its customers.

Upon its launch, the customers can benefit from exclusive features like:

Own Your Tomorrow - A branch experience, which fits in the palm of hand along with automated spending alerts. It also promises an easy access to financial consultants who will educate the customers with basic financial knowledge.

LIVE FREE. BANK FREE! - “Americans now pay more in overdraft fees every year than they do for fresh vegetables,” observed CRL senior researcher Leslie Parrish. With $32 billion spent in overdraft fees in 2012, BankMobile offering services with no overdraft fees. The absence of overdraft fees is a new age banking revolution.

You sure can’t ask for more! - High rates on saving accounts, which are at least 0.25% higher than those offered by the four largest banks in the United States.

No other bank can claim this- An access to 55,000 fee-free ATMs on a nationwide network- that is more than three times the amount of Bank of America ATMs.

Checking, savings, and a line of credit all in one place- Access to a line of credit up to $5,000.

Bhanu Choudhrie's Customers Bank Marks a Digital Banking Revolution

Customers Bank is on its way to deliver an immersive mobile and tablet experience to its own customers and those of holding company Customers Bancorp through a free mobile banking platform called BankMobile.

As trends in technology undergo a rapid change in time, the market has to adapt to the transition and innovate in order to keep current with today’s requirements. Individuals and organizations are increasingly seeking options outside the traditional for managing money matters. The upcoming mobile and tablet banking platform, BankMobile is set to be launched this year and is an innovated form of banking system that aids the millennial customer in managing financial matters totally free of charge.

CEO, Customers Bank Jay Sidhu, and executive director Bhanu Choudhrie, have promised BankMobile to be a new gateway Jay Sidhu was in fact one of the panelists at the Money 2020 event that took place at the Aria Hotel in Las Vegas wherein he spoke on “Re-inventing Banks for the New Payments Ecosystem” and brought into view the services of BankMobile.

He also shared insights into what today’s banking scenario looks like, drawing parallels with the state of affairs in finance and payments system. The event was held on the 4th of November, Tuesday at 3.30 PM PST.

The talk was aimed at highlighting the paradigm shift that has been observed over the past years in the manner in which individuals and organizations manage, spend and borrow money. The panelists included prominent personalities from the sphere of finance who spoke on the subject and enlightened the masses about the fundamental change that the world of banking is finally opening into.

Evolution in payment methods and other financial services was the main thrust of the discussion and provided a long view of how payment making would shape out in the future.

Customers Bank falls under the holding company Customers Bancorp Inc. which has had Bhanu Choudhrie as the director since 2009. The Bank is a community-based, full-service facility with over $6.5 billion in assets.