BankMobile, a Division of Customers Bank, Named 2019 Most Innovative Bank of the Year at LendIt Fintech Annual Awards

11 Apr
Fintech sector

WYOMISSING, PA / ACCESSWIRE / April 10, 2019 / Customers Bank, a leading super-community bank with operations in Pennsylvania, District of Columbia, Illinois, New Jersey, New York and New England, is pleased to announce that BankMobile, a division of Customers Bank, was named the 2019 Most Innovative Bank of the Year at the LendIt Fintech Annual Awards Dinner held in San Francisco, California on Tuesday, April 9th. LendIt Fintech hosts the industry awards program that brings together more than 400 influencers and innovators to celebrate achievements throughout the industry in 21 award categories. The Most Innovative Bank award recognizes a single company that has shown the greatest innovation in the Fintech sector.

“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 four years to address this problem. Today, we already serve over two million millennials and have announced that we have been working with a major white label partner for over two years to create the most innovative set of basic financial services for average Americans,” Sidhu concluded.

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. “We are pleased to be the fastest-growing mobile-first bank in the U.S. We expect to continue investing in improved technologies and still expect to become a profitable bank by the end of 2019,” Sidhu added.

“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.

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 serves more than five million students on nearly 800 campuses nationwide, touching about one in every three college students in the country.

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.

Customers Bank
1015 Penn Avenue
Wyomissing, PA 19610

Contact:

Richard Ehst
President & COO
610-505-9190

SOURCE: Customers Bank

Photo credit: Deutsche Bank on Visual Hunt / CC BY-NC-ND

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