A WOMAN YOU CAN BANK ON

Luvleen Sidhu, co-founder of BankMobile, shares insights into her business model and the personal factors that led to her professional growth

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Luvleen Sidhu was only 28 when she co-founded BankMobile, a digital banking platform and mobile app, in the US. In six years, the New York-based entrepreneur has expanded the company to serve 2 million customers, and partnered with telecom major T-Mobile and Google. Her business model was considered disruptive at the time, but for Luvleen, it was a natural progression from the enterprise her father Jay Sidhu had already built. The executive chairman of Customers Bank, which with $12 billion in assets is among the top 3 percent of American banks, he was her biggest role model in launching a mobile-only banking app.

“Receiving the support and encouragement I did from an early age definitely helped instill confidence,” says Luvleen, who has earned various accolades including being selected as one of Crain’s New York Business 40 Under 40 Class of 2020 and as the Fintech Woman of the Year by LendIt Fintech in 2019.

We spoke to her about her personal and professional journey.

Till a few years ago, customers were hesitant to try app-only banking, preferring the security of brick-and-mortar institutions. Have things changed now?

Many people do not realise that digital banking is just as safe, if not safer, than using a bank branch. BankMobile is FDIC-insured and as a digitally savvy corporation, we are consistently focused on not only maintaining safety and security, but finding new ways to protect customers, while giving them flexibility and convenience.