New York, NY, Dec. 10, 2019 (GLOBE NEWSWIRE) -- BankMobile, a division of Customers Bank, and among America’s largest and fastest-growing mobile-first bank, today announced 132 leading institutions of higher education as recipients of its third annual ACE Award. The award was given to BankMobile Disbursements partner colleges and universities that Achieve Campus Efficiency. This means that these institutions disbursed 90 percent of all refunds electronically from January 1 – November 1, 2019, and promoted the refund disbursement program and process so that 40 percent of all students, regardless of financial aid eligibility, completed the refund selection process. BankMobile Disbursements serves more than five million students on nearly 800 campuses nationwide.
“We congratulate all 132 institutions that received our ACE Award for 2019,” stated Luvleen Sidhu, Co-Founder, President and Chief Strategy Officer at BankMobile. “BankMobile Disbursements helps our partner colleges and universities effectively and securely disburse refunds to students. We are delighted that so many institutions are successfully implementing our platform and ultimately help provide their students with access to this financially-empowering and seamless refund system.”
In aggregate, institutions that partner with BankMobile have the highest electronic disbursement rates in higher education – 86.5% out of 6.9 million disbursements processed by BankMobile during this time were delivered electronically by direct deposit into the account of the students’ choosing. BankMobile provides refund management services to one in every three college students in the country.
BankMobile was named “Most Innovative Bank” by LendIt in 2019 and is in the Top 15 banks in the U.S. in terms of the number of consumer checking accounts serviced. The bank has developed its own proprietary technology, which was built to attract and engage customers for full-service consumer banking with a focus on compliance and an outstanding customer experience.
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About BankMobile
Established in 2015, BankMobile is a division of Customers Bank and among the largest and fastest-growing mobile-first banking platforms in the U.S., offering checking and savings accounts, personal loans and credit cards. BankMobile, named the Most Innovative Bank by LendIt Fintech in 2019, provides an alternative banking experience to the traditional model. It is focused on technology, innovation, easy-to-use products and education with the mission of being “customer-obsessed” and creating “customers for life.” The disruptive, multi-partner distribution model, known as “Bank-as-a-Service” (Baas), created by the executive team enables BankMobile to acquire customers at higher volumes and substantially lower expense than traditional banks. Its low-cost operating model enables it to provide low-cost banking services to low/middle-income Americans who have been left behind by the high-fee model of “traditional” banks. Today, BankMobile provides its BaaS platform to colleges and universities and currently serves over two million account-holders at nearly 800 campuses (covering one out of every three students in the U.S.). It is one of the Top 15 largest banks in the country, as measured by checking accounts. BankMobile is operating as the digital banking division of Customers Bank, which is a Federal Reserve regulated and FDIC-insured commercial bank. For more information, please visit: www.bankmobile.com.
About Customers Bank
Customers Bank is a super-community bank with $11.7 billion in assets as of September 30, 2019, offering commercial and consumer banking services along the I-95 corridor from Greater Washington to Boston; and in Chicago. Commercial products include cash management; commercial and industrial loans; small business loans; SBA government-guaranteed loans; commercial and multi-family real estate loans; and financing for leasing businesses and residential developers.
Customers Bank provides consumer banking services including savings, checking, and money market accounts; certificates of deposit; residential mortgages; and consumer loans. Additional consumer products include “BankMobile Vibe online banking,” marketed by the BankMobile Division and “Ascent Money Market Savings,” marketed by the Customers Bank Digital Banking Division.
Customers Bank is a member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation. Customers Bank is an equal opportunity lender. Customers Bank takes pride in delivering extremely high levels of customer service while charging comparatively very low fees; service that makes our clients say, “Wow.”
Commercial clients enjoy Single Point of Contact service with one team to handle all banking needs. Retail bank clients are afforded Concierge Banking® Services that brings banking to them, when and where they need it.
Customers Bank, with its headquarters located in Phoenixville, Pennsylvania, is a subsidiary of Customers Bancorp, Inc., a bank holding company. The voting common shares of Customers Bancorp, Inc. are listed on the New York Stock Exchange under the symbol CUBI.
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