BankMobile has partnered with Billshark to add bill pay functions to the company’s mobile banking platform for students, BankMobile Vibe.

Billshark, a billing service that allows customers to renegotiate bills, lower monthly payments for utilities and cancel unneeded subscriptions, is designed for customers to gain control over their financial lives. Students who sign on through the BankMobile app will only  pay a fee if the service successfully lowers their bills. BankMobile customers also have access to discounts for products on bartleby, a Barnes & Noble Education company that offers digital study tools and writing resources to students who cannot afford tutoring.

Regine Fiddler, chief marketing officer at BankMobile, said a holistic approach to personal finance can help position students for success in their academic endeavors.

“Financial stress is the main driver for folks either dropping out of college, or extending a four year college degree to six years. So we were always looking for partners that can help [students] save money,” Fiddler said. “[The partnership] is a great alignment for us to offer students — it’s relevant to their lives.” 

Through BankMobile Vibe, the company is working to acquire customers early in their financial lives with a “customer for life” strategy aimed at nurturing long-term client relationships. The product is available on college campuses that use BankMobile Disbursements for education-related payments. It offers various money management tools, no minimum balance, access to more than 55,000 fee-free Allpoint ATMs, a BankMobile savings account and educational resources.

See also: BankMobile expands platform to student loan refinancing

Launched in January 2015, BankMobile’s mission is to provide a compliant, mobile-first banking experience that is simple, affordable and financially empowering for its target customers. It has 1.8 million account holders and its products are available at 800 college campuses, according to the company.

Last June, BankMobile added student loan refinancing to its portfolio of banking and credit products. The program allows recent graduates to refinance up to $100,000 in undergraduate debt and $250,000 in graduate school debt. 

BankMobile co-founder and CEO Luvleen Sidhu told Bank Innovation the bank hopes that its targeting of student pain points will inspire students remain as customers long after graduation.  

Fiddler confirmed that working with students in need is a customer-loyalty driver.

“It fits really well into our banking-as-a-service model, because we acquire the students through partnerships with schools,” she said. “Our mission is to help these students graduate.” 

BankMobile is a division of Customers Bank, which currently has more than $10 billion in assets. BankMobile has expanded its customer reach beyond its initial focus on students, and last April launched T-Mobile Money, a checking account with the cell service provider that opens a gateway to millions more potential customers. It’s also white-labeling its tech offerings to other institutions to complement its direct-to-consumer approach.

BankMobile has joined a growing number of startups and banks aiming to gain market share among young customers through affordable products and student loan refinancing offerings. With student loan debt in the U.S. hitting record highs of more than  $1.5 trillion in 2020, student loan services are a growing opportunity, with players such as SoFi and Citizen’s Bank focusing on the millennial and Generation Z markets.