Customers Bank division – BankMobile launches Workplace Banking

By Edil Corneille

BankMobile, a division of Wyomissing-based Customers Bank, announced the launch of its Workplace Banking platform. The mobile-first bank’s new financial wellness service offers banking products that carry interest, early payday, built-in money management tools, over 55,000 fee-free Allpoint ATMs and a banking app, as mentioned by BankMobile.

BankMobile also announced that BenefitHub, a fully customisable, employee benefit and rewards shopping platform, used by employers to drive engagement, has partnered with it to offer its new financial wellness services as an additional benefit to its clients.

According to MetLife’s 17th Annual U.S. Employee Benefit Trends Study 2019, workplace stress costs businesses $2,000 – $7,000 per employee per year. Eighty-three percent of respondents to a SHRM study said financial problems negatively impact employee performance. BankMobile aims to address these issues through the Workplace Banking program by offering banking services, personalized coaching, a financial wellness assessment, virtual webinars and interactive tools, among other helpful resources.

“I am truly delighted to announce our Workplace Banking platform and to be able to offer companies a holistic financial wellness solution for their employees,” Luvleen Sidhu, Co-Founder and CEO, BankMobile enthused. “Financial stress continues to be a major problem faced by millions across the country, especially during these unprecedented times. We believe that a workplace banking solution offered through benefits providers will have a positive impact on the financial well-being of employees and are thrilled to partner with BenefitHub.”

“In this rapidly changing world, finding ways to provide additional and meaningful value to the employee experience is more important than ever,” Travis Glenn, Director, Global Marketplace Content at BenefitHub enunciated. “We’re delighted to be partnering with BankMobile to offer new solutions that will help employees better deal with the financial stresses they face today.”

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 multi-partner distribution Banking-as-a-Service (BaaS) model.

The bank provides its BaaS platform to colleges and universities through BankMobile Disbursements, which is said to serve more than five million students on 722 campuses nationwide. Through this distribution channel, the bank serves approximately one in every three college students in the country. In August, the bank announced the execution of an agreement with Google to introduce digital bank accounts, which is planned to launch in 2021.