U.S. banking group BankMobile announced on Monday it has teamed up with Google to introduce digital bank accounts to its customers. According to BankMobile, the digital checking account will be built on top of BankMobile’s existing banking infrastructure and the accounts will be FDIC-insured, with Google providing the front-end, intuitive user experience.
Speaking about the partnership, Luvleen Sidhu, Co-Founder and CEO, BankMobile, stated:
“We are thrilled to be collaborating with Google to offer our customers enhanced digital bank accounts. Today, BankMobile serves approximately one in every three college students through our relationship with ~800 campuses across the country. By collaborating with Google, we can provide millions of college students across America with an even better banking experience to help them manage, save and grow their money.”
Google recently reached out to CrowdfundInsider to reveal it is now partnering with a total of eight different banks, which are Bank Mobile, BBVA USA, BMO Harris, Coastal Community Bank, First Independence Bank, and SEFCU. A Google spokesperson explained:
“We had confirmed earlier that we are exploring how we can partner with banks and credit unions in the US to offer digital bank accounts through Google Pay, helping their customers benefit from useful insights and budgeting tools, while keeping their money in an FDIC or NCUA-insured account.”
Felix Lin, vice president of Payments Ecosystems at Google, then added:
“Google is excited to partner with BankMobile in enabling a digital experience that is equitable for all and meets the evolving needs of a new generation of customers. We believe that we can use our technology expertise to benefit users, banks and the entire financial ecosystem.”
Launched in January 2015, BankMobile’s mission is to provide a compliant, mobile-first banking experience that is simple, affordable, and financially empowering. Over the past five years, BankMobile claims it has grown to be in the Top 15 banks in the U.S. in terms of the number of consumer checking accounts serviced.
