New York, NY, April 30, 2019 (GLOBE NEWSWIRE) -- BankMobile, a division of Customers Bank (NYSE: CUBI), and America's largest and fastest-growing mobile-first bank, today announced the expansion of its white label strategy.
“We are thrilled with today’s announcement,” stated Luvleen Sidhu, Co-Founder, President and Chief Strategy Officer of BankMobile. “We look forward to continuing to build white label product offerings with future partners to help them better attract, engage and retain their customers.”
Established in 2015, BankMobile launched with a mission to provide a mobile-first banking experience focused on technology, innovation, easy-to-use products and affordability. Today, BankMobile has over two million customers, placing it in the Top 15 banks in the U.S. in terms of number of consumer checking accounts serviced.
BankMobile is a true innovator in the industry and employs a disruptive, multi-partner distribution model, known as “Banking-as-a-Service” (BaaS), which enables it to acquire customers at higher volumes and substantially lower expense than traditional banks. Today, BankMobile already 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 company has now expanded its BaaS strategy most recently with T-Mobile for the launch of T-Mobile MONEY.
“We launched BankMobile just over four years ago with a mission of serving the underserved and middle-income Americans who suffer from an industry focused on over-feeing its customers,” stated Richard Ehst, President at Customers Bank. “In 2017, Americans were charged $34 billion in just overdraft fees by big banks! BankMobile offers an alternative experience and is dedicated to financial education and empowerment by bringing transparency, affordability and a customer-centric approach to banking. Customers Bancorp and Customers Bank have invested over $100 million into BankMobile since launch to address this problem.”
Named “Most Innovative Bank” by LendIt in 2019, BankMobile has developed its own proprietary technology, some of which is patented. The technology was built to attract and engage customers for full-service consumer banking with a focus on exceptional customer experience delivered in the most compliant fashion. The bank has approximately 250 team members, with over 40% entirely focused on technology development and user experience (UX) design.
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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 “Banking-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 $9.8 billion in assets as of December 31, 2018, offering commercial and consumer banking services along the I-95 corridor from Washington, DC 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. For more information, please visit: www.customersbank.com.