What is disruptive innovation? Think Uber, transforming the taxi industry; Airbnb challenging the hospitality industry. And now, the banking industry is going to be hit with the same force.
Bring in BankMobile, ready to stand up to the big banks and fight for the customer. BankMobile’s new book, Why Can’t Banks Be as Easy as Uber? BankMobile And The Real Future Of Banking offers a window into the future of banking along with safe, money saving alternatives on how we can bank today effortlessly, with banking capabilities at your fingertips.
The Sidhus cofounded BankMobile, America’s first truly fee-free bank, with the aim of serving Millennials, working-class individuals poorly served by traditional banks, and anyone who wants to break free of the high fees and poor service for which big banks are notorious.
The book describes the genesis of BankMobile and shows how readers can become debt-free quickly and painlessly. The authors offer tips on how to save money, pay off debt and show the reader how banking can be a positive experience for the customer rather than a frustrating one which they are used to having with a traditional bank.
The significance of the title lies in the surprising and disruptive manner in which Uber entered the marketplace. Taxicabs are expensive, as everyone knows. They are often dirty, and seldom available when you really need them. But Uber changed the way people looked at car transportation, making it simultaneously easier and cheaper.
Just as Uber changed the way we look at the taxicab industry, BankMobile is the future of banking changing the way we look at banking. How is it able to do this? Partly by dispensing with the vast networks of branches maintained by the big banks. Those branches are expensive: the salaries of tellers, security guards, and cleaning staff need to be paid, among other expenses—and guess who they pass that cost on to? You!
But that isn’t the only way the big banks take advantage of their customers. ATM fees, overdraft fees … they seem to have an endless list of ways to take advantage of you and separate you from your hard-earned cash, one nickel and one dime at a time.
The inspiration for BankMobile came a few years ago, when Luvleen Sidhu walked into a bank branch to open a checking account. She was astounded to find that this process took her twenty-five minutes! She couldn’t understand why this was so difficult—just the day before she had used Orbitz to book a ticket to Australia, and that had taken less than five minutes. Luvleen was shocked that this bank was so out of touch with the technology she and her friends took for granted. Worse, the staff was completely unhelpful, offering Luvleen no personal attention whatsoever.
Jay and Luvleen decided that this was an unacceptable state of affairs. In an age in which we can see almost any movie the moment we want to see it rather than trekking down to the video rental store, an age in which we can book airline travel and hotel stays right from our phones, why should banking be as difficult and inconvenient as it is?
To a generation used to doing everything on their smartphones quickly, easily, and without fees, BankMobile has already shown that its approach is the future of banking. BankMobile offers its customers ways to save money, manage money, pay off debt, and much more. Why Can’t Banks Be as Easy as Uber? BankMobile And The Real Future Of Banking will open your eyes to how costly your bank is, but more importantly the solution, fee-free, effortless, financially empowering banking at your fingertips.
100% of the book proceeds support the BankMobile Foundation – helping entrepreneurs and students promote financial literacy in their communities.