Launched in June 2013, GoBank was created as a mobile banking platform with Millennials and avid smartphone users in mind as target banking customers. Since these customers prefer mobile, electronic transactions to paper or teller interactions, GoBank's full line of banking capabilities is available via mobile app. The bank is also branch-less with a wide network of free ATMs. Customers can open a bank account from their mobile device, deposit funds using remote deposit capture or a visit to Walmart, and perform typical money-moving transactions such as bill pay or person-to-person (P2P) payments. GoBank assesses little-to-no fees and offers its younger clientele a set of budgeting tools to help them manage their finances. Unlike traditional banks that typically build mobile apps drawing on their existing online banking platforms, GoBank has created an experience specifically designed for mobile users who want to “bank on the go.” This approach has enabled GoBank to push the boundaries in mobile banking and introduce fresh new features, which then translate to their online banking site as well. While Corporate Insight does not track GoBank for our Bank Monitor, Mobile Monitor or Bank Website Audit services, we think some of the unique features of this bank’s mobile app and website are worth highlighting for our clients. On the slides that follow, we highlight GoBank’s major strengths and innovations and provide descriptive screenshots from our onboarding and client experience.

1. BREAKS THE MOLD
AUTHOR: ERICA BENSOUSSAN
SEPTEMBER 2013

2. Introduction
2
Launched in June 2013, GoBank was created as a mobile banking platform with Millennials and avid
smartphone users in mind as target banking customers. Since these customers prefer mobile,
electronic transactions to paper or teller interactions, GoBank's full line of banking capabilities is
available via mobile app. The bank is also branch-less with a wide network of free ATMs. Customers
can open a bank account from their mobile device, deposit funds using remote deposit capture or a
visit to Walmart, and perform typical money-moving transactions such as bill pay or person-to-
person (P2P) payments. GoBank assesses little-to-no fees and offers its younger clientele a set of
budgeting tools to help them manage their finances.
Unlike traditional banks that typically build mobile apps drawing on their existing online banking
platforms, GoBank has created an experience specifically designed for mobile users who want to
“bank on the go.” This approach has enabled GoBank to push the boundaries in mobile banking and
introduce fresh new features, which then translate to their online banking site as well.
While Corporate Insight does not track GoBank for our Bank Monitor, Mobile Monitor or Bank
Website Audit services, we think some of the unique features of this bank’s mobile app and website
are worth highlighting for our clients. On the slides that follow, we highlight GoBank’s major
strengths and innovations and provide descriptive screenshots from our onboarding and client
experience.

3. 3
GoBank’s client messaging is fresh, familiar and funny, sounding little like the standard communication from a financial
institution. The casual tone of their communication is engaging and helps the bank develop a “friendly” relationship with
the customer. GoBank successfully carries this tone through all mediums, including the website, mobile app, email and
YouTube videos.
Casual and humorous client communication
Customers, or rather “GoBankers,”
are sent a warm welcoming email
after they open an account.
Mobile app leads with a joke
when offering directions for
switching banks.

4. 4
GoBank offers a full range of
banking functionality via their
mobile app. Customers can view
recent transactions and monthly
statements, access all bill pay
capabilities, send money using a
P2P payment service, utilize
budgeting tools, and make updates
to their account and personal
settings (e.g., change mailing
address and set alerts). In addition
to offering a wide range of
capabilities, GoBank’s app also
includes innovative features, such
as balance details before login and
a budget-oriented fortune-teller.
Mobile app is packed with capabilities
Customers can opt to view their account
balance without having to enter their
login credentials.
GoBank’s Fortune Teller lets customers
know whether they should or should not
make a particular purchase based on
their budget.

5. 5
GoBank’s website design is engaging and has the simple feel
of a mobile app. The site makes limited use of text and
features large font sizes and graphics to simplify the user
experience
Mobile-centric web design
Paying a bill is straightforward – customers simply fill
in the details of this digital check (paper checks are
not available to GoBankers).
Before submitting a customer service inquiry,
customers are asked to select an emoticon that
captures how they are feeling.

6. 6
It’s not surprising that GoBank, a branch-less bank, would offer some innovations in the deposit-making realm.
Aside from the standard RDC capabilities available at many banks, GoBank also offers two other unconventional
features to help clients add funds to their accounts.
New deposit conveniences
GoBank’s website offers a direct deposit form that includes an
image of a voided check – a necessary feature since the bank
doesn’t offer paper checks.
GoBankers can deposit cash into their accounts
using their debit cards at any participating
Walmart offering Rapid Reload.

7. 7
While other fee-free bank accounts are available on the market, GoBank stands out for leaving the monthly
service fee at the customer’s discretion. Clients can pay nothing or they can spend up to $9 if they want the bank
to be compensated for their services. GoBank is very transparent about their fee structure; no overdraft or
penalty fees are assessed.
“Pay What You Want” fee structure

8. 8
GoBank customers will rely on their debit cards for depositing cash, withdrawing cash and making payments. As such,
the debit card features prominently on the website and app, with frequent mention of card customizability and
activation. Similarly, P2P payments are an important part of the mobile banking experience and GoBank places more
weight on this service than traditional banks do.
Effective emphasis on debit cards and P2P payments
Customers logging into the
app are reminded to activate
their card or notify the bank if
it hasn’t arrived yet.
New customers are encouraged to invite their
friends to join and can do so by sending them $1
using the P2P payment service.

9. Summary
9
GoBank has put a lot of thought into creating a mobile platform that serves the needs of the millennial
generation. The bank recognizes the centrality of mobile in the young consumer’s life and has developed a
user-friendly app where customers can fully manage their accounts via mobile device. They can perform
all available banking transactions, modify account and alert settings, and access budget management
tools. Traditional banks, on the other hand, have lived in a web-centric world for the past 15 years and are
only slowly adjusting their offerings to the emerging mobile reality. Their mobile apps mostly function as a
way for banking customers to view account information and execute some core banking functionality, but
little else.
While GoBank has introduced noteworthy capabilities that will surely strike a chord with millennials, other
aspects of the firm’s platform might not resonate with customers who have previously held a traditional
banking relationship, even if they are heavy smartphone users looking for more mobile banking
functionality. For instance, customers can’t open joint accounts, they can’t deposit personal checks greater
than $250, they can’t get overdraft protection and they can’t initiate an external transfer from a linked
account.
With these drawbacks we are left wondering if the firm’s business model will be sustainable. Will GoBank
customers actually opt into paying monthly service fees? And as millennials age, will GoBank change to
meet their new needs (e.g., offering joint accounts as millennials start tying the knot)? We’ll just have to
wait and see.
Corporate Insight is currently conducting research on the millennial segment and expects to publish a
major industry study later this year on millennials and finance. Stay tuned for future research on this topic.

10. 10
CORPORATE INSIGHT THOUGHT LEADERSHIP
Facebook Marketing Campaigns - Social Media Initiatives in the Insurance
Industry
This slide deck highlights some of the engaging Facebook marketing campaigns initiated by
P&C Insurance Monitor firms this year and offers a few Facebook marketing tips for insurers.
User Insights Vol. 2 - Comparing the Desktop and Tablet Banking Experience
This usability study provides insights to how mobile applications match up against traditional
website interfaces, both in terms of usability and functionality for five leading banks.
Optimizing the Online & Mobile Experience for Retirement Plan Participants
This slide deck features industry best practices and includes five recommendations
for DC plan providers looking to improve their Web and mobile offerings.
2013 Mobile Finance Trends and Innovations
This study includes commentary on mobile developments, key takeaways for
financial services firms and thoughts on what’s next for mobile finance.
The Millennial Opportunity Whitepaper
Examines the marketing tactics, strategies and online resources leading financial
institutions are using to connect with Millennials. Also available as a slide deck.

11. 11
ABOUT CORPORATE INSIGHT
Connect With Us
Corporate Insight provides competitive intelligence and user experience research to the nation’s leading
financial institutions. For over 20 years, the firm has tracked technological developments in the financial
services industry, identifying best practices in online banking and investing, online insurance, mobile
finance, active trading platforms, social media and other emerging areas. There are no assumptions in
Corporate Insight’s work – we use live accounts at all of the firms we research, providing our clients with
unparalleled, unbiased intelligence on the competition.
Corporate Insight welcomes the opportunity to speak with the media. If you are interested in citing our
research or would like to schedule an interview with one of our analysts, please contact Intermarket
Communications at 212-888-6115 or corporateinsight@intermarket.com.
ERICA BENSOUSSAN
Senior Analyst – Consulting Services
212-832-2002 x-112
ebensoussan@corporateinsight.com
BEN POUSTY
Marketing Manager
212-832-2002 x-134
bpousty@corporateinsight.com
Media Inquiries