BankMobile Announces Partnership with Prudential to Provide a Full-Service Financial Wellness Solution for its Workplace Banking and Vibe Customers
New York, Nov. 17, 2020 (GLOBE NEWSWIRE) -- BankMobile, a division of Customers Bank, and among the largest mobile-first banking platforms, today announced it has partnered with Prudential Financial, Inc. (NYSE: PRU), a financial wellness leader and premier active global investment manager, to provide a full-service financial wellness solution to its Workplace Banking and BankMobile Vibe checking account customers. The service provides customers with a financial wellness assessment to explore how they are spending, planning and protecting their money and assets. The platform also gives tips on how to gain peace-of-mind with saving and spending.
BankMobile recently announced the launch of its Workplace Banking platform, which offers innovative banking products that carry generous interest, early payday, built-in money management tools, over 55,000 fee-free Allpoint® ATMs and a robust banking app. Workplace Banking is more than just banking, it’s about a financial wellness membership that empowers members to navigate their current and future financial goals.
“We are excited to be partnering with an industry leading financial services company to offer our customers another great financial wellness tool,” stated Luvleen Sidhu, Co-Founder and CEO of BankMobile. “We are committed to continuously looking to make our platform better for our customers.”
Prudential offers a broad suite of workplace financial wellness offerings designed to help individuals plan for unexpected expenses, better manage debt and create financial goals. This includes an online education program with a variety of seminars, financial wellness checkups, credit and debt management services, as well as digital financial wellness tools and videos.
“The financial wellness journey can look different for everyone, which is why providing a variety of solutions to help meet people where they are is essential to driving better outcomes,” said Colin Mooney, VP, Market Development at Prudential. “Prudential looks forward to partnering with BankMobile to help individuals rebuild and strengthen their financial security.”
Launched in January 2015, BankMobile’s mission is to provide a compliant, mobile-first banking experience that is simple, affordable and consumer-friendly. The bank 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 722 campuses nationwide. Through this distribution channel, BankMobile serves approximately one in every three college students in the country.
In August, the bank announced an execution of an agreement with Google to introduce digital bank accounts, which is planned to launch in 2021.
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Established in 2015, BankMobile is a division of Customers Bank and is among the largest 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.” BankMobile employs a multi-partner distribution model, known as “Banking-as-a-Service” (BaaS), that enables the company to acquire customers at higher volumes and substantially lower expense than traditional banks. Its efficient 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 Technologies provides its BaaS platform to colleges and universities and currently serves over two million account-holders at 722 campuses (covering one out of every three students in the U.S.). BankMobile has signed a definitive Agreement and Plan of Merger to merge with a subsidiary of Megalith Financial Acquisition Corp. ("MFAC") (NYSE: MFAC, MFAC.U, MFAC WS), a special purpose acquisition company, in a transaction that is expected to close in the fourth quarter of 2020. BankMobile is a technology company and is not a bank and does not provide banking services. For more information, please visit: www.bankmobile.com.
About Customers Bank
Customers Bank, a subsidiary of Customers Bancorp, Inc. a bank holding company, is a full-service super-community bank with assets of approximately $17.9 billion at June 30, 2020. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking and lending services to small and medium-sized businesses, professionals, individuals and families. Services and products are available wherever permitted by law through mobile-first apps, online portals, and a network of offices and branches. Customers Bancorp, Inc.’s voting common shares are listed on the New York Stock Exchange under the symbol CUBI. Additional information can be found on the company’s website, www.customersbank.com.
Prudential Financial, Inc. (NYSE: PRU), a financial wellness leader and premier active global investment manager with more than $1.5 trillion in assets under management as of September 30, 2020, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.
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