BankMobile, a division of Customers Bank, and among America’s largest and fastest-growing mobile-first banks, announced an execution of an agreement with Google to introduce digital bank accounts, which will be available to its customers.
“We are thrilled to be collaborating with Google to offer our customers enhanced digital bank accounts,” stated Luvleen Sidhu, Co-Founder and CEO, BankMobile. “Today, BankMobile serves approximately one in every three college students through our relationship with ~800 campuses across the country. By collaborating with Google, we can provide millions of college students across America with an even better banking experience to help them manage, save and grow their money.”
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Customers who sign up for these accounts will be able to manage their accounts through Google Pay and have access to financial insights and budgeting tools to stay in control over their transactions.
The digital checking account will be built on top of BankMobile’s existing banking infrastructure and the accounts will be FDIC-insured. Google will provide the front-end, intuitive user experience. This enables both BankMobile and Google to bring the best of their respective strengths to the table. Google’s expertise in building great user experiences and highly-scaled and secure infrastructure is a great complement to BankMobile’s financial and regulatory expertise and its unique customer acquisition funnel in the higher education segment.
“Many college students today are struggling to manage their money as they work part-time and attend school. Through our collaboration with Google, we believe we can provide the appropriate financial tools to help them navigate through these difficult situations successfully,” said Sidhu.
“Google is excited to partner with BankMobile in enabling a digital experience that is equitable for all and meets the evolving needs of a new generation of customers,” said Felix Lin, vice president of Payments Ecosystems at Google. “We believe that we can use our technology expertise to benefit users, banks and the entire financial ecosystem.”
Launched in January 2015, BankMobile’s mission is to provide a compliant, mobile-first banking experience that is simple, affordable, and consumer-friendly. Named “Most Innovative Bank” by LendIt in 2019, BankMobile has a disruptive, multi-partner distribution model, known as “Banking-as-a-Service” (BaaS). Today, BankMobile provides its BaaS platform to colleges and universities through BankMobile Disbursements, which serves more than five million students on nearly 800 campuses nationwide. Through this distribution channel, BankMobile serves one in every three college students in the country.
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