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Operator has been working on white label product with BankMobile since 2016

T-Mobile US could be gearing up to launch mobile banking services, it emerged this week.

The evidence can be found in an analyst-day presentation filed with the SEC by Customers Bancorp, parent company of Customers Bank and BankMobile. The slides show that BankMobile been working with T-Mobile on a white label mobile banking service since 2016.

The presentation boasts that the service will launch "in the coming weeks", and will offer easy-to-open online bank accounts, and "very competitive" product offerings that will yield "substantial subscription model benefits."

While there has been no confirmation from T-Mobile, a move into banking would not come as a major shock.

More and more consumers have shown a willingness to use mobile financial (in addition to payment) services, and T-Mobile has established a reputation for launching eye-catching new offers in a bid to outmanoeuvre AT&T and Verizon. The pay off for T-Mobile of course is subscriber acquisition and retention, and revenue generation – most likely in that order too.

The two-year gestation for T-Mobile’s expected mobile banking service comes as no surprise, given the steep learning curve that its European counterpart Orange has endured on its journey to becoming a bank.

The French incumbent took control of Groupama Banque in 2016. Initially it planned to make services available in July 2017, and to that end made limited banking services available to staff in May of that year. A week prior to the planned launch, Orange announced that it was postponing to give it more time to improve quality and reliability. Orange Bank finally launched in France in November 2017.

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