Since launching BankMobile as a digital only bank in 2015 Customers Bancorp has seen the venture have some success but not yet reach profitability; after a deal with Flagship Community Bank for BankMobile fell through they are now looking to spin the business off; American Banker interviewed Luvleen Sidhu, BankMobiles’ President, about the spinoff deal and the future of the firm; topics discussed include why they chose a spinoff strategy, the future of the leadership, profitability and potential future ventures. Source.
Luvleen Sidhu took over as CEO of BankMobile in January after serving as president and chief strategy officer; their strategy...
Google will offer a full suite of mobile banking services through new partnerships announced today with eight US-based banks; this...
Luvleen Sidhu is the CEO and Chairman of BM Technologies, a public company that has built a digital banking platform for niche markets and a unique banking-as-a-service business
Digital bank BankMobile has partnered with LendKey to launch a new student loan refinancing program; LendKey is a lending-as-a-service platform...
Banking as a service is a concept that is still in its infancy. There are a few companies today offering...
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T-Mobile is officially getting into banking with a big nationwide push to sign up customers for no-fee checking accounts; you...
Spanish bank BBVA has reported $90 million in goodwill impairment charges related to its acquisition of digital bank Simple; the acquisition has caused many analysts to question the valuation metrics for digital banks; BBVA acquired Simple in 2014 for $117 million which was $1,100 per customer; a similar digital bank sale of BankMobile is currently being priced at approximately $50 per customer; despite the impairment charges for BBVA, the bank has reported success from its acquisition with continued investment in Simple helping to increase its workforce to 350 employees. Source
Writing a piece for Crowdfund Insider BankMobile’s Co-Founder, President and Chief Strategy Officer Luvleen Sidhu talks through the current banking makeover; new technologies like artificial intelligence and blockchain are becoming more prevalent; competition in the digital banking space is beginning to increase as banks look to close branches and move more focus online; banks are currently upgrading their cybersecurity defenses in the wake of the recent Equifax breach; these changes and more are happening now as banks better understand their customers and look to become more efficient. Source.