Leading Digital Bank to Offer Paycheck Advance, Market Rate Savings Account, and Personal Bankers
BankMobile, a division of Customers Bank, and among America’s largest and fastest-growing digital banks, announced continued innovations and enhancements to its digital banking platform. BankMobile will offer a two-day paycheck advance, a savings account with a rate that is equal or higher than that offered by Marcus, Ally and Capital One 360, and a team of personal bankers for every direct deposit customer. All three enhancements will be rolled out in the first quarter of 2020.
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“One-third of Americans are living paycheck to paycheck and almost 50% do not have enough to pay for a $400 emergency. BankMobile is addressing this pain point with a two-day paycheck advance offering. In addition, most challenger banks are targeting the low-income segment; however, we believe there is also an opportunity to serve the mass and emerging affluent and our new savings account will compete for these customers. Lastly, as banks continue to become more high-tech, consumers are missing out on a high-touch experience. We believe in the value of a personal approach to banking and are thrilled to announce that all of our customers with a direct deposit will have a team of personal bankers available to discuss their banking needs,” stated Jay Sidhu, Chairman and CEO of Customers Bank and Executive Chairman of BankMobile.
“Each of these three developments is meant to offer a significant enhancement to our customers. We are excited to continue to be innovative and offer solutions that focus on our customer-centric approach to banking,” stated Luvleen Sidhu, Co-Founder and CEO of BankMobile.
Launched in January 2015, BankMobile’s mission is to provide a compliant, mobile-first banking experience that is simple, affordable and financially empowering. Over the past five years, BankMobile has grown to be in the Top 15 banks in the US in terms of number of consumer checking accounts serviced.
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Named “Most Innovative Bank” by LendIt in 2019, BankMobile has also developed its own proprietary technology meant to attract and engage customers for full-service consumer banking with a focus on exceptional customer experience. The bank has approximately 270 team members, with over 40% entirely focused on technology development and user experience design.
The bank also 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. Earlier in 2019, the company expanded its BaaS strategy with T-Mobile for the launch of T-Mobile MONEY.
Jay Sidhu will be discussing these enhancements at The Digital Money Forum taking place at CES. He will participate in “The Digital Revolution in Banking” panel taking place January 7, 2020 at the Venetian at 9:55am PST. The Digital Money Forum is focused on helping the tech community make the shift to digital currency.
