Published on : Aug 27, 2015
Banking sector is yet again abuzz with the launch of a latest technology. According to reports, the fee-free digital-only ancillary of Wyomissing, Pa., based Customer Bancrop, BankMobile is gearing up to launch a technology development division, which it calls BankMobile Technologies.
CEO of US$7.1 billion-asset BankMobile and Customers, Jay Sidhu said during the initial stage they will focus on creating and developing technologies to enhance customers’ user experience. Sindhu said that they are at present focusing to develop technologies and investigate prospects of partnering with fintech companies to develop technologies to improve consumer experience while complying with prevailing regulations.
The company however, didn’t divulge any detail regarding whether they are planning to sell the technologies they develop to other banks. When asked Sidhu he said that the company intends to decide on the same later in the future.
According to reports, the division is likely to have its unique mission and will work as an independent identity. The facility will be constructed at an independent location in Lancaster, Pa., said Sidhu. To begin with the company will recruit 10 developers, marketing professionals, and designers to work in the new group. None, according to sources, will be transferred from Customer Bank for the project.
Kirk Barrett and Dan Armstrong the digital financial services and payments veterans will be hired as chief technology officer and chief digital officer, respectively. Earlier Armstrong co-founded an Internet banking platform based in Netherlands, called Rabobank. Wingam, a prominent company providing mobile app for franchise, enterprise sales teams, and manufacturers, was co-founded by Barrett.
The company seeks to capitalize on the expansive experience and expertise that these veterans come with. BankMobile is expecting valuable leadership from the veterans, whose guidance will help the company understand the strategies and approach that will help the new business attain a sustainable position in the market from the start and guide its future growth.