New York, NY, Jan. 07, 2020 (GLOBE NEWSWIRE) -- BankMobile, a division of Customers Bank, and among America’s largest and fastest-growing digital banks, today announced continued innovations and enhancements to its digital banking platform. BankMobile will offer a two-day paycheck advance, a savings account with a rate that is equal or higher than that offered by Marcus, Ally and Capital One 360, and a team of personal bankers for every direct deposit customer. All three enhancements will be rolled out in the first quarter of 2020.

“One-third of Americans are living paycheck to paycheck and almost 50% do not have enough to pay for a $400 emergency. BankMobile is addressing this pain point with a two-day paycheck advance offering. In addition, most challenger banks are targeting the low-income segment; however, we believe there is also an opportunity to serve the mass and emerging affluent and our new savings account will compete for these customers. Lastly, as banks continue to become more high-tech, consumers are missing out on a high-touch experience. We believe in the value of a personal approach to banking and are thrilled to announce that all of our customers with a direct deposit will have a team of personal bankers available to discuss their banking needs,” stated Jay Sidhu, Chairman and CEO of Customers Bank and Executive Chairman of BankMobile.

“Each of these three developments is meant to offer a significant enhancement to our customers. We are excited to continue to be innovative and offer solutions that focus on our customer-centric approach to banking,” stated Luvleen Sidhu, Co-Founder and CEO of BankMobile.

Launched in January 2015, BankMobile’s mission is to provide a compliant, mobile-first banking experience that is simple, affordable and financially empowering. Over the past five years, BankMobile has grown to be in the Top 15 banks in the U.S. in terms of number of consumer checking accounts serviced.

Named “Most Innovative Bank” by LendIt in 2019, BankMobile has also developed its own proprietary technology meant to attract and engage customers for full-service consumer banking with a focus on exceptional customer experience. The bank has approximately 270 team members, with over 40% entirely focused on technology development and user experience design.

The bank also 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. Earlier in 2019, the company expanded its BaaS strategy with T-Mobile for the launch of T-Mobile MONEY.

Jay Sidhu will be discussing these enhancements at The Digital Money Forum taking place at CES. He will participate in “The Digital Revolution in Banking” panel taking place January 7, 2020 at the Venetian at 9:55am PST. The Digital Money Forum is focused on helping the tech community make the shift to digital currency.

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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.

Kati Waldenburg
BankMobile
2128053014
kwaldenburg@rubensteinpr.com