NEW YORK, NY--(Marketwired - February 01, 2017) - BankMobile, a division of Customers Bank, and America's fastest growing mobile-first bank, today named Chief Strategy Officer, Luvleen Sidhu as President in addition to her current role. In her new position, she will coordinate operations and strategic initiatives to help push the company through its next growth stage.
"We have an excellent management team at BankMobile and a bright future ahead of us and are excited to have Luvleen help lead the charge as we revolutionize consumer banking," stated Richard Ehst, President of Customers Bank.
"A typical bank branch is opening only one net new checking account per branch per week and we are on a mission to disrupt this inefficient model using technology. We strive for exponential growth and in the next 12 months: BankMobile hopes to open ~ 500,000 new checking accounts, which puts us among the Top 10 banks in the country in terms of new account openings," said Sidhu.
Under Sidhu's management, BankMobile has grown to have approximately two million depositors, which means it is likely in the top 25 banks in the country in terms of number of consumer checking accounts. The bank has also reached many significant milestones, including: the launch of its BankMobilist College Program across 70 campuses nationwide, the establishment of BankMobile Technologies, an in-house innovation and technology development team, and the creation of BankMobile Foundation, which awards an annual Financial Literacy Scholarship. Sidhu is also a member of the BankMobile Board of Directors.
Additionally, Luvleen and Jay Sidhu, Chairman and CEO of Customers Bank and BankMobile, released a book in June 2016 entitled, "Why Can't Banks Be as Easy as Uber? BankMobile and The Real Future of Banking." The book offers a window into how the traditional banking system burdens average Americans with billions of dollars of fees, tips on how Americans can save and manage their money within this unfair system, and what the future of banking holds with a disrupter like BankMobile. It reached #1 International Best Seller-status on Amazon as it gained popularity in the USA, Australia and Germany Amazon stores in less than 24 hours.
Sidhu has also been recognized in the industry for her accomplishments. She was named 'Most Innovative Woman in Banking - Greater New York' and 'Best Women Owned Financial Services Company - New York' in Corporate America's 2016 American Businesswoman Elite Awards; one of Philadelphia Business Journal's 'Women to Watch in Banking' in September 2016; Bank Innovation's Top 10 'Innovators to Watch' worldwide in June 2016 and selected as one of the outlet's 'Innovators to Watch' worldwide in June 2015; the Lehigh Valley Business Women of Influence - Woman to Watch Honoree in February 2016; a winner of New York Business Journal's Women of Influence Awards in November 2015; and one of Auto Finance News' '10 Executives to Watch in Auto Finance' in September 2015.
Sidhu has been featured regularly in the media including on CNBC, Bloomberg Radio, Fox News Radio and in The Wall Street Journal, Forbes.com, American Banker, among others. She is also a national and international speaker at industry conferences and at undergraduate and graduate programs, where she encourages financial innovation and entrepreneurship.
Prior to her current role, Sidhu was a management consultant at Booz & Co. in their financial services practice. Before attending business school at Wharton, she worked as the director of corporate development at Customers Bank. Previously, she was an investment analyst at Neuberger Berman in their hedge fund of funds group. Sidhu holds a Master of Business Administration from The Wharton School at the University of Pennsylvania and a Bachelor of Arts Degree in Government from Harvard College.
Established in 2015, BankMobile, a division of Customers Bank, is America's largest mobile-first bank, offering fee-free checking and savings accounts. It provides target customers -- millennials, the underbanked and middle income households with a digital, effortless, and financially empowering experience. BankMobile offers checking, savings, lines of credit, joint accounts and access to over 55,000 surcharge-free ATMs nationwide (BankMobile VIP customers have free access to every ATM in the country, which is more than 400,000 ATMs), a guaranteed higher savings rate than the top four banks in the nation, a personal banker for all customers, and a free financial advisor for VIP customers. BankMobile is operating as the digital banking division of Customers Bank, which is a Federal Reserve regulated and FDIC-insured commercial bank. For more information, please visit www.bankmobile.com.
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