BankMobile, a division of Customers Bank, and among the largest mobile-first banking platforms, today announced it has partnered with Prudential Financial, Inc. (NYSE: PRU), a financial wellness leader and premier active global investment manager, to provide a full-service financial wellness solution to its Workplace Banking and BankMobile Vibe checking account customers. The service provides customers with a financial wellness assessment to explore how they are spending, planning and protecting their money and assets. The platform also gives tips on how to gain peace-of-mind with saving and spending.
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BankMobile recently announced the launch of its Workplace Banking platform, which offers innovative banking products that carry generous interest, early payday, built-in money management tools, over 55,000 fee-free Allpoint® ATMs and a robust banking app. Workplace Banking is more than just banking, it’s about a financial wellness membership that empowers members to navigate their current and future financial goals.
“We are excited to be partnering with an industry leading financial services company to offer our customers another great financial wellness tool,” stated Luvleen Sidhu, Co-Founder and CEO of BankMobile. “We are committed to continuously looking to make our platform better for our customers.”
Prudential offers a broad suite of workplace financial wellness offerings designed to help individuals plan for unexpected expenses, better manage debt and create financial goals. This includes an online education program with a variety of seminars, financial wellness checkups, credit and debt management services, as well as digital financial wellness tools and videos.
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“The financial wellness journey can look different for everyone, which is why providing a variety of solutions to help meet people where they are is essential to driving better outcomes,” said Colin Mooney, VP, Market Development at Prudential. “Prudential looks forward to partnering with BankMobile to help individuals rebuild and strengthen their financial security.”
Launched in January 2015, BankMobile’s mission is to provide a compliant, mobile-first banking experience that is simple, affordable and consumer-friendly. The bank 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 722 campuses nationwide. Through this distribution channel, BankMobile serves approximately one in every three college students in the country.
In August, the bank announced an execution of an agreement with Google to introduce digital bank accounts, which is planned to launch in 2021.
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