A mobile app launched by Indian American banker Jay Sidhu and his daughter Luvleen can revolutionise the global banking industry into completely phone-app based banking system, a media report said.

Jay Sidhu, chairman and CEO of Customers Bank, and his daughter Luvleen Sidhu, the bank’s chief strategy and marketing officer, presented details of their app called BankMobile at an event of Greater Reading Chamber of Commerce and Industry in downtown Reading this week, wfmz.com reported.

According to the duo, their app puts everything customers need from a bank at their fingertips. BankMobile is America’s first and only absolutely no fee, mobile, online and tablet bank

Tapping into the technologies that enable experience like shopping online or using transportation apps like Uber, the app promises that users can open a free account, deposit checks, pay bills, send money to friends and receive financial advice in minutes.

Financial literacy and empowerment have been the core drivers of BankMobile and I look forward to further building an effortless and fun bank that our customers will continue to love!”, stated Luvleen Sidhu.

Sidhu, who holds bachelor’s in management degree from Banaras Hindu University and an MBA from Wilkes University, is credited with turning Boston-based Sovereign Bank into a multi-billion dollar company. He teamed up with her Harvard-educated daughter to come up with the app.

About BankMobile: Established in 2014, BankMobile is a division of Customers Bank, with headquarters in New York. It provides target customers – millennials and middle income households – a digital, effortless, and financially empowering experience. BankMobile offers checking, savings, lines of credit, joint accounts and access to over 55,000 surcharge-free ATMs nationwide (customers in the VIP Experience will have access to more than 400,000 FREE ATMs), a guaranteed higher savings rate than the top four banks in the nation, a personal banker available for all customers, and a financial advisor for those in the VIP Experience. It is a Federal Reserve regulated and FDIC insured commercial bank. Customers Bancorp is the bank holding company for Customers Bank. BankMobile is an independent operating Digital Banking Division of Customers Bank and hence also of Customers Bancorp. For more information, please visit www.bankmobile.com