BankMobile Technologies, a Subsidiary of Customers Bank, and Megalith Financial Acquisition Corp. Agree to Combine to Bring a Digital Banking Platform to the Public Market under the New Name BM Technologies

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NEW YORK–(BUSINESS WIRE)–BankMobile Technologies, a subsidiary of Customers Bank (NYSE: CUBI), and one of America’s largest digital banking platforms, and Megalith Financial Acquisition Corp (NYSE: MFAC) (“MFAC”), a special purpose acquisition company, announced today that they have entered into a definitive merger agreement. Upon closing of the transaction, the combined company (the “Company”) will operate as BM Technologies Inc. and expects to be listed on the NYSE. The transaction reflects an enterprise value for the Company of $140 million. All BMT serviced deposits and loans will remain at Customers Bank immediately after the closing of the transaction. Upon the closing of the transaction, BM Technologies will be a financial technology company bringing banks and business partners together through its digital banking platform.

With over 2 million accounts, BankMobile Technology, Inc. (“BMT” or “BankMobile”) is one of the largest digital banking platforms in the country. Launched in January 2015,

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How Chat Banking is Transforming Financial Services Customer Experience

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The banking industry has seen a number of key technology advancements over the last several decades, as it has moved away from a brick-and-mortar strategy toward a more self-service-driven model.

• In the 1970s the rise of personal computers provided an alternative to traditional banking, though technology was still in its infancy
• In the 1980s, technology started to evolve, and ATMs were introduced – in addition to computer banking – as high-tech solutions to meet the needs of customers on the go
• The introduction of mobile phones in the 2000s brought consumers the ability to conduct mobile banking, accessing their account information and completing transactions on the go

So, the question we ask ourselves now is what’s the next step in the evolution of the banking customer experience?

The introduction of chat apps

The rapid evolution of smartphone technology and the rise of connected devices has led to

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PERSONAL BANKING | PNC

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PNC, PNC HomeHQ, PNC Home Insight, and Home Insight are registered service marks of The PNC Financial Services Group, Inc. (“PNC”). PNC has pending patent applications directed at various features and functions of Home Insight Planner and Home Insight Tracker. All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.

The material presented herein is of a general nature and does not constitute the provision by PNC of investment, legal, tax, or accounting advice to any person, or a recommendation to buy or sell any security or adopt any investment strategy. Opinions expressed herein are subject to change without notice. The information was obtained from sources deemed reliable. Such information is not guaranteed as to its accuracy.

The PNC Financial Services Group, Inc. (“PNC”) uses the marketing names PNC Wealth Management® and Hawthorn, PNC Family Wealth®

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