Wireless Carrier, T-Mobile , launches Digital Checking Account in the U.S.
December 11, 2018
Financial innovation is developing rapidly and banking as we know it will be radically different within the next 2 years. Financial Institutions have dedicated vast resources to create new and innovative solutions to meet evolving customer expectations for customer service and are creating new digital experiences for consumers. New non-bank financial technology firms have developed applications and services that have attracted consumers and their deposits.
In yet another new first for banking in the U.S., T-Mobile has launched a new digital bank. T-Mobile recently announced a planned merger with Sprint creating the second largest US Wireless Carrier with a combined customer base of 100 million subscribers. To attract new customers and offer an added benefit to its existing wireless customers, the new T-Mobile digital checking account is offering an interest rate of 4% on deposits up to $3,000, and then 1% on balances above this level, as well as perks associated with its wireless service.
To provide this service, T-Mobile (Sprint), has partnered with BankMobile, a division of Customers Bank. BankMobile provides several innovative features such as fast account setup, mobile bill pay and remote check deposit. The T-Mobile money website is live and the T-Mobile money app is available for download. https://www.t-mobilemoney.com/en/home.html
For existing financial institutions, understanding the relationships your customers have outside of your bank gives important insight into their behavior. Knowing how many of your customers have an existing relationship with T-Mobile or Sprint is a valuable insight that an FI can leverage to proactively communicate with this segment of customers to keep and retain customers and deposits.
Insight Financial Marketing provides solutions, customer intelligence, and behavioral insights via our analysis of your customer's electronic financial transactions, in near real-time. Discover how IFM’s Intelligentsia service can benefit your financial institution with a free consultation.