Meet the Millennial Behind the Country’s Largest Digital Bank

luvleen sidhu her magazine

BankMobile is the largest and fastest-growing digital bank in the country. And, it was co-founded by millennial entrepreneur Luvleen Sidhu.

Like many successful ventures, Sidhu’s goal was to solve a problem – actually two problems.

“It baffled me that I could book a flight or a hotel room anywhere in the world in a matter of seconds, but it took me over 20 minutes to open a bank account,” Sidhu says.

“I also realized that building a solid financial foundation is vital to allow us to fulfill our personal and professional dreams, and so many of my fellow millennials were never taught basic money management.”

And, since women earn less money than men, they really need money management skills to make those dollars stretch as far as possible. In fact, women are losing more sleep than men over money woes.

“There was such an opportunity to truly provide people with a superior customer experience and to provide small but life-changing money management tips so people could focus on what matters most – creating their most fulfilling lives,” Sidhu explains.

Competition is stiff in the banking industry. So, how was BankMobile able to not only succeed, but become the largest and fastest growing digital bank in the country?  

“We have been so successful because we have cracked the code for customer acquisition,” Sidhu explains. “Today, we are acquiring about 400,000 customers a year versus the traditional bank branch opening 52 net new checking accounts a year.”

And Sidhu says the ability to replace expensive bank branches with technology has made a significant difference. “We are also acquiring the new customers for about $10 each versus the $300- $500 each that banks are paying.”

BankMobile’s liberal checking account opening and usage fee policy reads like a consumer’s banking wish list. The minimum deposit needed to open an account? One cent. There are no monthly fees, no requirements to waive the monthly fee, no ATM fees, and no overdraft penalty fees.

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