New York, NY, Aug. 03, 2020 (GLOBE NEWSWIRE) -- BankMobile, a division of Customers Bank, and among America’s largest and fastest-growing mobile-first banks, today 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.”
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.
The new accounts that BankMobile is working on with Google will be available to customers in 2021.
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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.” BankMobile employs a disruptive, multi-partner distribution model, known as “Banking-as-a-Service” (Baas), that enables the company to acquire customers at higher volumes and substantially lower expense than traditional banks. Its efficient 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, a subsidiary of Customers Bancorp, Inc. a bank holding company, is a full-service super-community bank with assets of approximately $17.9 billion at June 30, 2020. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking and lending services to small and medium-sized businesses, professionals, individuals and families. Services and products are available wherever permitted by law through mobile-first apps, online portals, and a network of offices and branches. Customers Bancorp, Inc.’s voting common shares are listed on the New York Stock Exchange under the symbol CUBI. Additional information can be found on the company’s website, www.customersbank.com.