Meet The Female Leaders Of Finance With Tyler Gallagher: “I believe that there are macro trends towards embracing diversity” with Luvleen Sidhu and Tyler Gallagher

Tyler GallagherAug 12 · 11 min read

I believe that there is a macro trend towards embracing diversity. I also think the #MeToo movement is bringing awareness to issues faced by women; however, much more attention needs to be brought to the topics of women’s equality and women’s rights. Overall, we are becoming more cognizant and sensitive. There has been progress, but it is far from a reasonable or fair outcome. A large gender income gap still exists. A lot of women are also missing on board seats.

I had the pleasure of interviewing Luvleen Sidhu, founder of BankMobile.

---

Thank you so much for doing this with us! Can you tell us the “backstory” about what brought you to the Banking/Finance field?

How I came to found BankMobile is a unique story, where every major step I took during and after college led me to its launch.

I was actually a pre-med student at Harvard and on the path to become a doctor. However, I was always intrigued to explore finance, having grown up in a finance and banking family. During my sophomore year, I convinced my parents to let me try a finance internship. I joined the sophomore rotational program at Lehman Brothers and interned with the firm during my sophomore and junior years of college. After graduating, I joined Lehman fulltime. My first full day on the job was the day of the Lehman bankruptcy, which came after six weeks of training. This experience has significantly impacted my career trajectory because it made me more aware of the fragility in the financial system and the importance of helping Americans create a strong financial foundation in their lives.

After Lehman, I joined Customers Bank for a short period in a business development role where I was exploring digital banking models. It was at this time that I learned about Bank Simple, which was one of the first movers to explore the new digital model. I was intrigued by what they were doing and knew they were on to something. After my brief stint with Customers Bank, I enrolled at Wharton for business school and here is where I caught the entrepreneurial bug.

Along the way, my interest in banking continued. I remember opening my first bank account and having to wait 15–20 minutes in line and feeling that the whole experience was very uninspiring and long. I did not feel I had a trusted advisor or partner as I started my first financial relationship. With banking in my genes, I started to look for other pain points and ways to improve the experience. After Wharton, I worked at Booz and Company and helped a large financial institution launch a digital bank.

My experiences across all these organizations culminated in me pitching the idea to Customers Bank on how we can leverage technology to build a better bank. In 2015, we officially launched BankMobile.

Can you share with our readers the most interesting or amusing story that occurred to you in your career so far?

I think the most interesting story in my career is the above-mentioned Lehman Brothers narrative, my first day on the job, September 15, 2008. After the six-week training period, I was gearing up to start fulltime when the firm filed for bankruptcy. I called HR and asked if I should be going in and remember the words told to me, “Business as usual.” It sounded so ironic and it was definitely a unique way to start my career. I was walking in on my first day as, sadly, people were walking out with boxes. That moment in time helped me realize I wanted to help others, and also impacted me enough to create a more affordable banking solution with the launch of BankMobile.

Are you working on any exciting new projects now? How do you think that will help people?

We are very excited about the T-Mobile MONEY checking account. T-Mobile took the broken industry of telecom and helped to improve it dramatically. Similarly, we felt that banking was broken and wanted to improve the experience for consumers. We came together with T-Mobile to solve another consumer pain point and our collaboration is something that we are really thrilled about this year. T-Mobile MONEY is helping everyday Americans have a seamless user experience with a no-fee, interest-earning, mobile-first checking account.

What do you think makes your company stand out? Can you share a story?

I think one of the things that makes us stand out is our “customer-obsessed” approach to banking. We truly want to make a positive impact on our customers’ lives and are always on a mission to financially empower them. One of programs I am most proud of is the Passport Student Success Sweepstakes, which is the BankMobile Vibe Checking Account recognition program for smart money management, academic achievement and good financial behavior. In February 2019, we awarded $10,000 to a University of North Texas graduate to help pay off his student loans. We are making real changes in the lives of our customers.

Wall Street and Finance used to be an “all white boys club”. This has changed a lot recently. In your opinion, what caused this change?

I believe that there are macro trend towards embracing diversity.

I also think the #MeToo movement is bringing awareness to issues faced by women; however, much more attention needs to be brought to the topics of women’s equality and women’s rights. Overall, we are becoming more cognizant and sensitive. There has been progress, but it is far from a reasonable or fair outcome. A large gender income gap still exists. A lot of women are also missing on board seats. Only 24 of the Fortune 500 companies had female CEOs in 2018 and this number represents a decline of 25% from 2017 [Fortune]. Additionally, as of June 2019, a mere 5.2% of S&P 500 companies have female CEOs [Catalyst, Pyramid: Women in S&P 500 Companies (June 11, 2019)]. Female-led companies received only 2.2% of the venture capital money invested in firms in 2018 [Fortune].

We are becoming more sensitive and women have fought for their rights, but we still have a long way to go.

Of course, despite the progress, we still have a lot more work to do to achieve parity. According to this report in CNBC, less than 17 percent of senior positions in investment banks are held by women. In your opinion or experience, what 3 things can be done by a)individuals b)companies and /or c) society to support this movement going forward?

I think companies need to promote women and give them fair opportunities, in order for them to get the mentorship and career trajectory that they deserve. There needs to be pay parity, and leadership needs to make this one of their key areas of focus. Senior management across the board at corporations needs to give light to this. Also, I think the women that reach leadership positions can be a force for accelerating this movement, help others move up and be advocates for equal pay. Companies can also invest in creating programs to specifically help women, such as Goldman Sach’s Launch With GS, which is the firm’s “commitment to invest $500 million in women-led companies and investment managers.”

On an individual level, I want to make sure that there is a strong female representation on the BankMobile advisory board and that we are promoting women from within. For example, we recently promoted Regine Fiddler, who served as our Vice President, Marketing and Product Management, to our Chief Marketing Officer position. She has earned this role and now has a seat at the table and is helping others pave the path forward.

You are a “finance insider”. If you had to advise your adult child about 5 non intuitive things one should do to become more financially literate, what would you say? Can you please give a story or example for each.

1) Talk about money with your friends. While you do not need to get into specifics, tapping into your close network can be a beneficial way to learn what tips or tricks they may be using to manage their money. Oftentimes, even though your friend group might come from different socioeconomic backgrounds and have diversity in terms of jobs, etc., you can learn what does and what might not work for one another, and apply it to your own life. Maybe they are going through, or have gone through experiences that you are questioning when it comes to your own financial situation, and insights from someone you trust can provide the perspective you need. On the other hand, you can also learn from their situations if they have made some not-so-savvy decisions, and learn from their past mistakes.

2) Watch documentaries. If you browse through Netflix or Hulu, there are countless options available that show the life story of notable people who once struggled with money. While sometimes these films can be dramatized, the premise of seeing someone’s path and their financial journey can be inspiring. A great example of this is Magic Beyond Words: The JK Rowling Story. Knowing that the author of the Harry Potter franchise once struggled financially and had to live on welfare to survive and now has a net worth of over $1 billion is a testament of how believe in your dreams can help you overcome any financial hardship.

3) Follow popular trends. Keep note of what is trending in the marketplace, and pay attention to the stock prices of the companies or entities involved with the trend. This can help you learn how different events influence stock prices, while familiarizing yourself with the process. An example of this is when Disney released Black Panther, which broke box office records by grossing over $1 billion, which caused Disney’s stock value to rise [MarketWatch].

4) Attend investment seminars. At these types of events, you are given the opportunity to network and connect with like-minded people who are interested in building their wealth. Investment seminars are filled with people who invested their money (and their time!) to attend, which indicates that they are serious about building their wealth, and looking towards those who can help them get there.

5) Find a mentor. Look for someone who can guide you on the ‘dos’ and ‘don’ts’ within your particular field or industry, but can also guide you financially. Finding a mentor does not necessarily mean someone who is much older or far more advanced in their career, it could be a colleague who is at a similar level with skills or accomplishments you admire. Tapping into someone that you can relate to on this level, who can provide you with insights outside of your normal realm of thinking, can add value to your career, but also save you both time and money in the long run.

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?

My father, Jay Sidhu, Chairman and CEO of Customers Bank and BankMobile, has been a great role model for me throughout my whole life and continues to be someone I look up to. He is a visionary and always thinks outside of the box, a quality that I have always admired and tried to follow. Jay focuses on how to deliver value and have a strong work ethic, and build a business that does well by doing ‘good.’

In 2014, we combined forces. He is a traditional leading banker and I am a millennial who loves innovative ideas. My insights around customer-centricity and technology coupled with his industry expertise, learnings and drive helped us launch BankMobile and create our Banking-as-a-Service (BaaS) platform.

Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?

“Tough times don’t last but tough people do”

We founded BankMobile with a lot of skepticism in the industry and had to be extremely diligent throughout the launch process, making sure we were compliant and also resilient. Early on, our original B2C platform was not growing at the exponential rate that we needed to and we faced challenges. Instead of giving in, we re-strategized and were able to use that challenging time to pivot our strategy to a B2B2C platform, which we now call our Banking-as-a-Service (BaaS) platform. I always remind myself that when things are difficult, I have the opportunity to learn from them. I think this is important in life and also as an entrepreneur. It is not an easy road, but one that can be very rewarding if challenges are seen as opportunities to grow and if you remain passionate about your venture.

You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the greatest amount of people, what would that be? You never know what your idea can trigger. 🙂

For the business that I am in, there are over 65 million unbanked and underbanked in the U.S. These individuals are not part of the traditional banking system. They do not trust banks and are skeptical and also, because of the monthly fee requirements, often locked out of the system. Due to these circumstances, they often opt to work with payday lenders and alternative banking solutions where 10% of their income goes towards the exorbitant fees of these providers.

I hope to inspire the movement of providing banking services that are affordable without outrageous fees, to have financial education, to not be in the business of making money by having our customers mismanage their money. I hope that a movement starts that will help people manage and grow their money, and achieve dreams that they can set for themselves, to be a banking partner that wants to help. That is the movement we are trying to create.

Thank you for all of these great insights!

About The Author:

Tyler Gallagher is the CEO and Founder of Regal Assets, a “Bitcoin IRA” company. Regal Assets is an international alternative assets firm with offices in the United States, Canada, London and Dubai focused on helping private and institutional wealth procure alternative assets for their investment portfolios. Regal Assets is an Inc. 500 company and has been featured in many publications such as Forbes, Bloomberg, Market Watch and Reuters. With offices in multiple countries, Regal Assets is uniquely positioned as an international leader in the alternative assets industry and was awarded the first ever crypto-commodities license by the DMCC in late 2017. Regal Assets is currently the only firm in the world that holds a license to legally buy and sell cryptos within the Middle East and works closely with the DMCC to help evolve and grow the understanding and application of blockchain technology. In addition to his role with Regal Assets, Tyler is a regular contributor to Forbes, Arianna Huffington’s Thrive Global and Authority Magazine. Tyler has also been featured in many news publications and has been a guest expert on “The News with Ed Shultz”. Tyler is a proud member of the Forbes Finance Council a private invite only-group of hand-selected industry leaders.

BankMobile looks to stand out in a field of digital banking giants

Aaron Elstein

Growing up in Reading, Pa., Luvleen Sidhu wasn’t interested in banking, even though her father owned the local bank—or, perhaps, because he did.

“It was dad’s job,” she said.
Her father, Jay Sidhu, an immigrant from New Delhi, turned around the nearly bust Penn Savings Bank and built Sovereign Bancorp. Sovereign had branches from Maryland to Massachusetts, including more than 100 in New York after swallowing up Brooklyn’s Independence Community Bank. Then, during the last decade, it was acquired by Spain’s Banco Santander for a cool $5 billion.

Eventually the industry began to appeal to the banker’s daughter. “I learned in business school that it’s important to find a problem that consumers need help solving,” Sidhu said. “I saw one in banking.”

Now 33, Sidhu is updating her dad’s playbook by building a bank for the modern age. She is co-founder, president and chief strategy officer of BankMobile, an online bank that’s catching on when digital competitors have become as common as dandelions.

Since launching in 2015, Manhattan-based BankMobile has grown to 1.2 million active customers and is poised to gain a lot more as the bank behind T-Mobile Money, a service that went national in April offering millions of phone customers a low-fee bank account and interest rates of up to 4% on their cash balances.

Digital has been banking’s future for years, but now it’s finally starting to reshape the brick-and-mortar world in tangible ways. The ubiquity of cashless transactions and the rise of mobile apps for depositing checks have changed the dynamics for the next generation of customers. Last week consulting firm RBR determined that the number of ATMs in service worldwide fell by 1% last year to 3.2 million, the first decline since Chemical Bank introduced the machine in 1969. (“On Sept. 2, our branch will open at 9:00 and never close again!” the bank advertised.) As for branches, 5% have disappeared since 2012; 80,000 remain.ADVERTISING

To stand out in a crowded field of venture-backed startups and supersize banks, Sidhu frequently appears on TV, speaks at conferences and keeps active Twitter and Instagram accounts. On her website, she describes herself as not just a banker but a “health and wellness coach, traveler and lover of life!” The “Luvnotes” section offers advice including “Live an infinite life” and “Namaste your money.”

“We’re a customer-centric company that happens to be in banking,” she said. “Putting our face out there so people can connect is really important.”

As marketing approaches go, it couldn’t be more different from that of her father, a behind-the-scenes player who between 1990 and 2005 bought more than 20 rival banks and squeezed out costs. Profits expected

Sidhu said her parents hoped she would become a doctor, but midway through Harvard, she decided to pursue finance. “I said to them, ‘Please support this,’ ” she recalled.

She landed at Lehman Brothers in September 2008 and lost more than $2,000 by neglecting to promptly deposit her paycheck after the firm filed for bankruptcy her first day on the job. After a few years of number crunching at Neuberger Berman, she became a business-development executive at Customers Bank, an ailing institution that her father took over in 2009 after selling Sovereign.

Sidhu began examining the online banks that were starting to take hold and noticed they all had great technology but nary a clue of how to win over customers. After she got her MBA from Wharton, she suggested to her father and his management team that they invest in digital banking by targeting college students who weren’t yet tethered to a bank through a direct deposit or a mortgage. “This wasn’t my dad’s idea,” she said. “I pitched it.”

Her father said he was apprehensive about putting his daughter in such a high-profile role. “I worried she’d have to work three times harder to prove herself,” Jay Sidhu said. “But she had clear ideas about what she wanted to do.”

Customers Bank invested $100 million in the project. Today students at 800 colleges across the country use a BankMobile debit card for their financial-aid account. BankMobile takes a small cut every time its cards are swiped, which generated most of its $60 million in revenue. It isn’t profitable but is expected to cross that threshold this year. Sidhu said the bank serves about one-third of colleges, so there is more opportunity to grow. A study last year by the Consumer Financial Protection Bureau found that BankMobile’s student-account fees were less than half as much as U.S. Bank’s and barely a quarter of what Wells Fargo charged.

Sidhu might have scored a breakthrough when BankMobile became the backbone of T-Mobile’s bank offering. BankMobile brings its own technology to the table and a history of dealing with federal and state regulators that tech outfits generally lack. A handful of institutions are fighting to provide tech companies with banking services, and because the market is so new and potentially large, it’s a fruitful place for an upstart like Sidhu’s.

“The jury is still out on whether a bank can be a success without face-to-face contact with customers,” said Michael Perito, an analyst at KBW. “But BankMobile is off to a productive start.”

Customers Bank is likely to nurture BankMobile for a few years, then spin it off or take it public.

Last week Sidhu flew to Los Angeles to pitch a potential partner as she hunts for her next T-Mobile–size deal. She is to speak at a fintech conference in Miami this week, at a digital banking conference in Austin next month and at a Finovate conference here in September.

“I love being a mover and shaker,” Sidhu said.

Click here to read original feature

Millennial Businesswoman Empowering the Underbanked Through Digital Banking Experience

Millennial businesswoman Luvleen Sidhu is the Co-Founder, President and Chief Strategy Officer at BankMobile, America’s largest and fastest growing mobile-first bank. BankMobile empowers low-to-middle- income Americans, the underbanked, and millennials with a digital, effortless and financially empowering banking experience. Luvleen launched BankMobile in January 2015 – when she was only 28-years-old – with the understanding that everyone needs financial services, yet it is one of the least customer-centric industries that exists today.  We had a chance to interview Luvleen and asked about her story, how she started her financial business and the future of BankMobile.

Tell us your story. Why did you start your business?

Shortly after I graduated from Harvard in 2008, I started my career at Lehman Brothers. My career was off to a memorable start since my first day coincided with the day that Lehman filed for Bankruptcy. I went on to work in investment management until joining Customers Bank, which is my businesses’ parent company today, to lead its business development unit. That’s when I began to examine how banks could benefit from going digital. I then decided – prior to founding BankMobile – to study strategic management at Wharton Business School.

In January 2015, I founded BankMobile, to give consumers an affordable, efficient and enjoyable banking experience. Banking was outdated and one of the least customer-centric industries that existed. Banks had been slow to adapt to changing consumer behavior and preferences and had been neglecting a large portion of the population that was struggling financially. I saw an opportunity to disrupt and exponentially improve the established banking business model based on branch-based customer acquisition, which was both inefficient and costly. BankMobile is now America’s largest and fastest-growing mobile-first bank.

How did you come up with your business name?

Sometimes the best business names are those that tell the consumer exactly what the business is aiming to accomplish. After I learned that Americans on average are walking into a bank branch only one time a year, as opposed to interacting with a bank on a mobile device 20 to 30 times a month, I knew there was a void to fill with our business. We wanted to combine the trust and credibility that “bank” evokes with the accessibility and high tech that “mobile” infers. BankMobile very simply exemplifies what we stand for and what we wanted to provide to our customers.

Tell us about your products and services. How do you help clients?

BankMobile is a mobile-first bank offering no to low-fee checking and savings accounts and personal loans to our target customers—low/middle income Americans, the underbanked, and millennials. We give our clients an alternative banking experience to the traditional model that is focused on technology, innovation, easy-to-use products and financial education. We are uniquely positioned to provide low-cost banking services and to date have saved our customers $100 million in banking fees.

What makes you unique? What is your unique selling proposition (USP)?

BankMobile created a disruptive low-cost operating model that allows us to provide low-cost banking services to those who have been left behind by the high-fee model of traditional banking. With this multi-partner distribution model, which we refer to as “Bank-as-a-Service,” we can acquire significantly more customers at significantly less costs than traditional banks then transfer that savings onto our customers.

Where do you see your business in the next 3-5 years?

Our goal is to become the top acquirer of checking accounts and one of the top five banks in the country. We will do this by leveraging the customer base of our partners to open one million accounts a year and continue to give consumers an affordable, efficient and enjoyable banking experience. We are already an industry leader in technological strategy and will continue to be, with increasing access to so many exponentially-growing technologies such as artificial intelligence, biometrics and blockchain.

Any advice you would give to entrepreneurs?

Don’t just be customer-centric, be customer-obsessed. It is not enough to just focus on why a customer would be attracted to your business but always look to find solutions to better serve their needs and improve their lives. Continuously focus on why a customer would stay with your business and what you can do to improve the customer experience. Entrepreneurs should remain customer-obsessed long after launch, remembering that the customer’s need is at the core of their purpose. As your business grows and evolves, the customer should always come first.

What is your favorite business quote and why? 

“Very few people or companies can clearly articulate WHY they do WHAT they do. By WHY I mean your purpose, cause or belief – WHY does your company exist? WHY do you get out of bed every morning? And WHY should anyone care?” -Simon Sinek

In my experience launching the largest and fastest-growing mobile first bank, I’ve learned how important it is to have a clear vision and purpose. Knowing your WHY is vital to your success that’s why this quote resonates with me so much. In short, I’ve learned that a bold, compelling vision and massively transformative purpose are needed to create disruptive businesses.

What have been some of your achievements that you are most proud of? Why?

I am extremely proud of the work BankMobile has done to help students save money, at a time when millions of Americans are faced with rising tuition and student loan debt. Today, one out of every three students in the U.S. is using BankMobile. On top of offering students an easy-to-use banking alternative, we are here to help them save money and create a financially-sound future. As I stated earlier, we have saved our customers, mainly college and university students over $100 million in banking fees.

Click Here to read the Original Feature

Every week the show host John Siracusa talks with amazing fintech leaders and entrepreneurs, through conversation uncovers the amazing stories behind them, their creations and the most important topics in fintech.

In this episode the host John Siracusa chats with Luvleen Sidhu,  Co-Founder and President of BankMobile.  She started her banking career at Lehman Brothers and on her first day after 6 weeks of training was the beginning of it’s collapse.  Now she’s a co-founder at BankMobile, a company that provides a mobile first banking experience which has 1.6 million accounts and is the offspring of Customers Bank in Pennsylvania.

About the host:

John is the host of the 2x weekly “Bank On It” podcast recorded onsite at the Carpenter Group offices, which is a strategic branding and positioning firm in the financial services industry. He’s a highly sought after fintech, VC and financial services industry enthusiast and connector. He’s in the center of the fintech ecosystem keeping current with the ever – innovating industry.

From Vision to Execution: Luvleen Sidhu on Changing the World of Banking

In 2007, she saw millions of Americans lose everything because of the faulty American Financial System. Immediately, she knew she needed to do something.

Join Luvleen Sidhu, Co-Founder, President and Chief Strategy Officer – BankMobile, USA​ in the 4th ASEAN Exec-IT event to gain more insights on the Disruption for Digital Differentiation.

In an era where consumer demands are rising and technologies are rapidly disrupting, the secret to survive is hardwork – to some people, at least. For Luvleen Sidhu, Co-Founder, President and Chief Strategy Officer at BankMobile, surviving is not enough, and hardwork is a mere understatement. Her secret to success is her “obsession towards solving customer pain points.” Having that extra mile beyond hardwork is key to not just survive, but to thrive in an age where disrupting technologies are the horses, and customers are kings. For Sidhu, leveraging technologies to create new and more efficient business models should be one’s genuine purpose to thrive. Passion comes a long way.

“Values Are Immutable; However, Culture Can Adapt”

An Interview With Co-Founder of BankMobile, Luvleen Sidhu

“Values are immutable; however, culture can adapt.” This was a really helpful piece of advice for me given that I’ve struggled with balancing BankMobile’s high growth with having a strong company culture. By understanding that core values are the most important foundation of an organization and recognizing that the culture can adapt over time helped me feel liberated. I now understand that our core values as a company which are based on respect, trust and constant innovation will keep us unified and focused on our objectives and with this solid foundation, the strength of our culture develops over time.

---

I had the pleasure of interviewing Luvleen Sidhu, Co-Founder, President and Chief Strategy Officer of BankMobile, the largest and fastest-growing mobile-first bank in the country. BankMobile, a completely digital bank, has a mission to help the underbanked, millennials and middle-income Americans have an affordable, effortless and financially empowering banking experience. Luvleen has been recognized for her accomplishments as one of CEO Connection’s Most Influential Women of the Mid-Market in 2018 and 2017, CEO Connection’s Mid-Market Young Leader in 2017, one of Bank Innovation’s top innovators worldwide in 2017, 2016 and 2015, and ‘Most Innovative Woman in Banking — Greater New York’ and ‘Best Women Owned Financial Services Company — New York’ in Corporate America’s 2016 American Businesswoman Elite Awards — just to name a few!

---

Thank you so much for doing this with us! What is your “backstory”?

I graduated from Harvard in 2008 when the financial crisis hit. The first day of my career was the day of the Lehman Brothers bankruptcy… and I was joining Lehman Brothers! That was definitely a very interesting start to my career. It impacted my professional trajectory and influenced why I founded BankMobile.

After my time at Lehman in their fund of hedge funds group on the investing side (later renamed Neuberger Berman), I joined Customers Bank, which is our parent company today. At Customers Bank, I led business development and specifically looked at how the bank could take advantage of a new digital model that was more in alignment with the future of banking. After that, I attended Wharton Business School, where I majored in strategic management, and spent my summer at Booz & Company, where I consulted for a well-known financial services company to help them develop a strategy to launch a digital bank. After I graduated from business school, I deferred my fulltime offer with Booz, and in that time started working at BankMobile.

Why did you found your company?

Banking is one of the least customer-centric industries that exists today. I founded BankMobile to focus on solving consumer pain points and providing the best customer experience through technology and innovation. The reality is that banking is typically a frustrating experience that lacks transparency and most banks make money by having their customers mis-manage their money! In the U.S. 1/3 of Americans are living paycheck to paycheck and almost 50% of Americans cannot afford a $400 emergency, yet banks charge these same Americans $32 billion a year in overdraft fees alone. BankMobile is focused on utilizing technology to make banking accessible, affordable, and seamless.

What is it about the work you’re doing that’s disruptive?

We recognize that consumer needs and behaviors are rapidly changing and banks have been remarkably slow to adapt to these changing needs. For example, Americans on average are walking into a bank branch only one time a year, as opposed to interacting with a bank on a mobile device 20 to 30 times a month. Still, traditional banks are using their branch networks as their primary customer acquisition channel even though, on average, a bank branch opens only 1 net new checking account per branch per week or 52 net checking accounts per branch annually. This is a very inefficient customer acquisition model and is subsidized by charging Americans exorbitant fees. BankMobile instead has no branches and, through its digital presence, is able to attract over 300,000 new customers each year. Additionally, traditional banks spend on average about $300-$1000 to acquire new customers while BankMobile — through its digital platform and B2B2C strategy — is acquiring new customers at about $10. By addressing consumer pain points and acquiring customers in high volume and at low cost, BankMobile is disrupting the banking space.

We all need a little help along the journey — who have been some of your mentors?

My dad, who has been a veteran banker his whole life, has been a great mentor to me as I embark on disrupting the traditional banking space. Although most of his career was in “old school” banking, his experience in the industry has helped me gain the knowledge I need to be innovative in the space while respecting the fundamentals of the business. Another mentor for me, whom I view as confident and a great visionary, is Sheryl Sandberg. She is not only building a company that has significantly impacted and connected the world, but also serves as an ambassador for women, encouraging them to lean in and live their fullest potential professionally and personally.

How are you going to shake things up next?

This is just the beginning for BankMobile. We have so many exponentially growing technologies now at our fingertips. This includes artificial intelligence, biometrics, IoTs, and blockchain, to name a few. All of these can have a dramatic impact on how banking is delivered and experienced by consumers. For example, we are moving towards a world where things all around you can become your wallet. Maybe your fridge serves as a payment vehicle to buy more milk when it runs out which it can detect with sensors. Or maybe, it becomes the norm to pay your bills through voice banking using your Alexa. These use cases are likely to become pervasive in the very near term.

Can you share some of the best words of advice you’ve gotten along your journey?

“Tough times don’t last but tough people do.” My dad echoed this piece of advice to me throughout our BankMobile journey. We’re in a business that is experiencing rapid growth and change, which leads to obstacles that continuously appear. He helped me see that challenges can also be opportunities, depending on how we look at them. Really, those who continue to push forward will always find a way to accomplish what they have set out to do. We first launched BankMobile as a direct to consumer strategy, and we did experience growth using this strategy but not at an exponential rate. We realized we needed to grow exponentially to truly be a disruptive force in the industry. At that moment in time, we could have either continued down a path of low profitably and low growth or viewed this challenge as an opportunity to think more creatively on how to boost our growth. It was through this creative thinking that we entered into the B2B2C space and became the first digital bank to become a major player in “banking as a service.” that allows us to grow exponentially.

“Values are immutable; however, culture can adapt.” This was a really helpful piece of advice for me given that I’ve struggled with balancing BankMobile’s high growth with having a strong company culture. By understanding that core values are the most important foundation of an organization and recognizing that the culture can adapt over time helped me feel liberated. I now understand that our core values as a company which are based on respect, trust and constant innovation will keep us unified and focused on our objectives and with this solid foundation, the strength of our culture develops over time.

What’s a book/podcast/talk that’s had a deep impact on your thinking? Share a story with us.

“How I Built This” podcast, where they interview CEOs of leading companies that are truly disrupting their industries. The podcast has been a great way for me to be able to hear directly from successful entrepreneurs how they think about disruption and how they navigate the challenges of growing a business with capital needs, regulatory scrutiny, business model challenges etc. and in the end, find a way to make it work. There’s a lot to learn from and I benefit from hearing their experiences as I lead and grow BankMobile.

Some of the biggest names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US whom you would love to have a private breakfast or lunch with, and why? He or she might see this.

I think it’d have to be Jack Ma from Alibaba. He’s done an exceptional job of combining e-commerce, payments, financial services and many other verticals under one company and growing massive market share while, most importantly, being a customer-centric company that really differentiates itself in terms of experience. I would love to hear his thoughts on how he’s been able to build — over a relatively short period of time — an empire, essentially, that addresses consumers’ needs across the spectrum while also experiencing high growth and profitability.

Click here to read original article