BankMobile Named Most Innovative Bank in the Third Annual LendIt Fintech Industry Awards Competition

New York, New York, UNITED STATES


New York, NY, April 11, 2019 (GLOBE NEWSWIRE) -- BankMobile, a division of Customers Bank, and America’s largest and fastest-growing mobile-first bank, today announced that LendIt Fintech, the world’s leading event in financial services innovation, has selected it as the Most Innovative Bank for the 2019 LendIt Fintech Industry Awards. The Most Innovative Bank award recognizes “the bank that is leading the way in embracing fintech and new means of doing business.”

The third annual LendIt Fintech Industry Awards dinner took place at the Julia Morgan Ballroom in San Francisco on April 9, 2019. Four hundred leaders, innovators and influencers in fintech gathered at the event and winners across 21 categories were announced.

“It’s very exciting to be recognized by LendIt Fintech with this prestigious award and I congratulate the finalists in all the categories, as we collectively strive to make positive changes in financial services,” stated Luvleen Sidhu, Co-Founder, President and Chief Strategy Officer of BankMobile.

“It is extremely humbling to see BankMobile being recognized by one of the most prestigious organizations covering Fintech in the U.S.,” said Jay Sidhu, Chairman and Chief Executive Officer of Customers Bancorp, Customers Bank and BankMobile. “We launched BankMobile just over four years ago with a mission of serving the underserved and middle-income Americans in this rapidly-changing financial services environment. It’s so unfortunate that about one-third of Americans are still living paycheck-to-paycheck, about half do not have enough to pay for a $400 emergency, and about 20% are not saving any money at all. At the same time, Americans are paying about $33 billion a year just in overdraft fees to traditional banks. And, many Americans have no access to financial services. Customers Bancorp and Customers Bank have invested over $100 million into BankMobile over these three years to address this problem.”

BankMobile has developed its own proprietary technology, some of it is patented, to attract and engage customers for full-service consumer banking delivered with a focus on exceptional value and customer experience delivered in a most compliant fashion. It has approximately 250 team members, with over 40% entirely focused on technology development and user experience (UX) design.

With over two million customers, BankMobile is already in the Top-15 banks in the U.S. in terms of number of consumer checking accounts serviced. BankMobile Disbursements also serves more than five million students on nearly 800 campuses nationwide, touching about one in every three college students in the country. BankMobile has a full-service checking account, BankMobile Vibe, available to students at campuses that use BankMobile Disbursements.

BankMobile also employs a disruptive, multi-partner distribution model, known as “Bank-as-a-Service” (BaaS), created by the executive team, which 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.

For more information on BankMobile, please visit www.bankmobile.com.

 

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About BankMobile
Established in 2015, BankMobile is a division of Customers Bank and America’s largest and fastest-growing mobile-first bank 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.). 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.


        

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