A bank endowed with great value propositions and great customer service delivered via the mobile platform (iPad, iOS and Android Smart phones) making it effortless for the users .BankMobile is the first and only bank in the USA that has absolutely no fees whatsoever.
The Outstanding Features
It is the only bank with no fees whatsoever with a guarantee to pay at least 0.25% APY, more than the top 4 banks in the country. The current savings rate (no minimum balance requirement) is 0.75% APY while the big banks are paying 0.01% – one will earn 75 times more interest with BankMobile.
Mobile application removes all the overheads of paperwork. The application features
- Picture account opening (open your account by taking a picture of your driver’s license or state issued ID).
- Picture bill pay (no vendor data entry required – take a picture of your bill, enter the amount of payment and hit send – your bill is paid.
- The 4-digit secure PIN .
- Quick access (just tap our app icon and all your balances pop up – no need to login in – of course you can’t move money this way for security reasons).
- Photo check deposit.
- Locking debit card (with one swipe you can lock your debit card so it can’t be used fraudulently, just swipe when you want to turn it on for use).
- P2P (send money to someone just by knowing their email address or cell number).
- ATM locator to use 55,000 surcharge free ATMs (this is more than 3 times as many ATMs as the largest bank owned network).
The customer service is stellar as it acts as an advocate of the customer creating win/win outcomes – no “big bank games” or tricks will ever be played.
Financial literacy is critical – BankMobile helps the customer with their financial needs. Customers are fairly advised by the experts to meet their financial goals.
The Founders who breathed into their Idea
Jay Sidhu – Chairman and CEO
Warren Taylor – President
Luvleen Sidhu – Chief Strategist.
“We have been in banking for 35-45 years with a proven track record. We see the branch network as working against many banks and believe we will be a disruptor in banking by launching BankMobile.”
Under Jay’s leadership, Sovereign Bank grew a small $700 million bank into a $90 billion bank from 1988-2006. In 2009, The founders took over a failing $200 million bank in PA (New Century Bank), renamed it Customers Bank.“We felt we lost touch with the customer at the big bank and vowed to created a bank worthy of the name, Customers Bank. We did this based on honesty/transparency with the customer and having almost no punitive fees – delivering the high touch / high tech philosophy from day one”.
This worked phenomenally, the branches (on average) have over $160 million in deposits – This is about 3 times more than the average big bank has in deposits per branch, yet only has 4.5 FTEs per branch.These savings and passed it on to the customer in the form of paying higher deposit rates and having little to no punitive fees, this model worked extremely well. But what if it could bring our overhead down even lower by growing without branches – using mobile technology to gain customers? This was the evolution of BankMobile.
Challenges and Potentials.
The biggest hurdle was bonding with great partners and formulating the existence to the Country. “We believe every consumer should bank with us – if they don’t, they are either not acquainted or we are not doing our job.”
It aims to make banking effortless, more convenient, and truly being an advocate for our customer by acting in their best interest with honesty and transparency.
The big banks “trick” customers, having legally accurate ads that are deceptive, and impose customers with ridiculous fees. Banks collected over $32 billion in overdraft fees last year .
“We, as a country, spent just $7.5 billion on breast cancer and $5 billion on lung cancer. That is $32 billion from people who can probably least afford it.”
The Face off and Head-ways
Big banks, they own about 70% of the deposit market and have huge marketing budgets to gain brand awareness.
Neo-banks, People are looking for a different experience from the big banks. However, unlike neo-banks, we offer joint accounts, a savings account, an unsecured line of credit, and absolutely no fees.
For future, the work will progress towards making the app more appealing with more capabilities and products like loans, CDs, and alternative investments.
The Patrons and Capitalization
Millennial Group – They are the largest population segment and their age bracket is most receptive to using mobile banking.
Affinity Groups – BankMobile has already signed various unions and groups interested in making bank mobile available to their membership.
“It is capitalized bank, so we have access to capital. However, we always explore capital opportunities.”- Warren Taylor, The President.
To know more visit: http://www.bankmobile.com/