BankMobile is a division of Customers Bank and is one of America’s largest mobile-first banks. They announced the launch of its Workplace Banking platform. The new platform which aims at financial wellness offers a variety of services such as innovative products that carry a fair interest rate, built-in money management tools, early payday, over 55,000 fee-free Allpoint ATMs, and a robust banking app.
BankMobile has also announced the launch of BenefitHub which is a fully customizable, rewards shopping platform and employee benefit. This can be used by employers to drive engagement. They have partnered with the bank to make its new financial wellness services available as an additional benefit to their clients. Over 100 Fortune, 500 companies and about thousands of clients provide BenefitHub to about 50 million members and employees globally.
Finance concerns have to lead the employees to more stress which ultimately led to less productivity. According to a study, workplace stress costs about $2,000-$7,000 per employee per year to companies. Financial concerns negatively impact an employee’s performance. Through the Workplace Banking platform, Bank Mobile aims to solve these issues technically. They offer personalized coaching, virtual webinars, banking services, a financial wellness assessment, and many more interactive tools, among other helpful resources.
The banking services provided by Bank Mobile’s Workplace platform:
- Personal Loans
- Credit products
- Workplace Checking Account
- Student Loan Refinancing
- Workplace Savings Account
- Mortgage and Home Equity
- Certificate of Deposits (CDs)
Financial wellness services offered:
- Employer Workshops
- Full-service Financial Wellness Platform
- Educational Materials
- Personalized Financial Coaching
- Omni-Channel Employee Communication
- On-the-Go Money Management Tools
Luvleen Sidhu (Co-Founder and CEO, BankMobile) said that he is delighted to announce their new Workplace Banking Platform as they are now able to offer companies a holistic financial wellness solution for their employees. The financial crisis continues to be a major problem faced by millions of employees, especially during these unpredictable times. He also said that they believe in a workplace banking solution offered through benefit providers will have a positive impact on the financial well-being of employees and are thrilled to partner with BenefitHub.
In this fast-changing world, finding ways to provide meaningful and additional value to the employee experience is more important than ever, said Travis Glenn (Director, Global Marketplace Content at BenefitHub).