New York, NY, Jan. 07, 2020 (GLOBE NEWSWIRE) -- BankMobile, a division of Customers Bank, and among America’s largest and fastest-growing mobile-first banks, today announced the promotion of Co-Founder Luvleen Sidhu to CEO. Jay Sidhu, Chairman and CEO of Customers Bank, will serve as Executive Chairman of BankMobile.
“We congratulate Luvleen on her well-deserved promotion to CEO of BankMobile,” stated Jay Sidhu. “Luvleen has helped BankMobile grow tremendously since launching in 2015 and has overseen many of its advancements over the past five years. We are excited to see the bank continue to develop under her strategy and guidance.”
“I am delighted to take on the CEO role and look forward to continuing to build our customer-centric, digital bank with a mission to be financially-empowering,” stated Luvleen Sidhu.
Luvleen Sidhu was recently named “Fintech Woman of the Year” by LendIt in 2019 and one of Crain’s New York’s 2019 Notable Women in Banking & Finance. Under her leadership, BankMobile has grown to be in the Top 15 banks in the U.S. in terms of number of consumer checking accounts serviced. The bank has also developed its own proprietary technology, which was built to attract and engage customers for full-service consumer banking with a focus on outstanding customer experience delivered in the most compliant fashion.
Luvleen Sidhu also helped launch the bank’s 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 company also expanded its BaaS strategy with T-Mobile for the launch of T-Mobile MONEY in April 2019. Luvleen Sidhu has also helped launch BankMobile Student Refi, a student loan refinancing platform; Paradigm Money, a financial website with insights, tips and tools; BankMobile Labs; and the BankMobile Foundation. She is also a member of the BankMobile Board of Directors.
Luvleen Sidhu has been featured regularly in the media including on CNBC, Yahoo Finance and Cheddar and in Fortune.com, The Wall Street Journal, Forbes.com, American Banker and Crain’s New York, among others. She is also a national and international speaker at industry conferences such as the FORTUNE Brainstorm Finance 2019 conference, and at undergraduate and graduate programs. Luvleen Sidhu is a member of the Young Presidents' Organization. She additionally serves as a mentor to fintech startups.
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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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