Moe and Luvleen Sidhu talk about disruptive innovation and how the banking industry is going to be hit with the same force.
BankMobile - The Promise of Branchless Banking
When you think of the future of banking, or even more broadly, the entire financial service industry, what do you envision? Certainly, a shift to mobile, a more robust virtual environment, and a much more transparent playing field. To the smartphone savvy millennials, they expect nothing less - and if they have it their way, the day will come when they never have to walk into a bank branch again.
The shift to branchless banking isn’t new, and few have been able to make any meaningful headway; still for Veteran banker Jay Sidhu and his daughter, Luvleen, this is ‘a once-in-a-100-year kind of change’ that they can’t afford to ignore. When they launched BankMobile in early 2015, it wasn’t just to win over millennials, rather it was the promise of reimagining every facet of the antiquated banking industry. As you’ll hear in my conversation with Luvleen, this opportunity isn’t without challenge; particularly during the customer acquisition phase, but because they view themselves more as a technology company, their approach is much more modern and highly scalable. Here’s what we’ll cover:
The dynamics of a family partnership
The process of synthesizing a complex problem
The five biggest difference between BankMobile & the traditional banks
What most consumers don’t know about fees and hidden charges
A modern approach to customer acquisition
BankMobile’s approach to security & privacy
How a branchless bank makes money