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Citibank to launch national digital banking to serve US clients

Published 26 March 2018

Citi announced it will launch new mobile capabilities on the Citi Mobile App for iPhone to serve the full spectrum of client needs requirements across the US.

The range of new features, rolling out in the weeks ahead, will include seamless in-app account opening, a 360-degree view across all financial accounts and spending insights to enhance clients’ financial wellness.

In addition, the app will offer a first-of-its kind among banks — non-Citi clients can create a profile and connect their accounts across financial services providers to benefit from the app’s account aggregation, spending insights and bill management features.

Citi global consumer bank CEO Stephen Bird said: “Over the past few years, we have been transforming our US Retail Bank into a growth engine in our core markets while developing new mobile banking capabilities as a platform to one day serve consumers nationwide. That day is here.

“Consumers will be able to seamlessly open a Citibank account without ever visiting a branch and enjoy a suite of compelling products, the largest fee-free ATM network nationwide and powerful digital capabilities across lending, payments, investments and credit cards. There may be no more powerful single app in market today.”

Capping a transformation that began in 2013, Citi is expanding the U.S. Retail Bank’s reach nationwide with a full suite of new mobile services, having established a strong foundation from which to grow. Citi has streamlined its footprint, redesigned branches, introduced sweeping product enhancements, invested in wealth management, dramatically expanded ATM access and accelerated speed to market with new digital features.

A deposit leader in its core markets, Citi comes to market with one of the strongest brands in financial services, industry-leading products, iconic partners, and seamless digital capabilities across banking, credit cards and payments. By taking banking beyond the branch, Citi is well positioned for future growth by both deepening relationships with current customers and expanding to serve new clients nationwide.

Citi global retail bank head David Chubak said: “We are realizing our full coast-to-coast potential as a national bank.

“We’re investing in our products, our people and our capabilities to make Citi the only bank our clients will ever need. These new, game-changing mobile features will enable consumers to manage the breadth of their financial lives in the palm of their hand.”

Citi’s latest mobile banking survey reveals that consumers trust banks more than non-banks to handle their finances and that they would prefer to use one app to have a commanding view of their finances. Citibank listened. Its new mobile enhancements deliver on this need and more. According to Citi’s new national survey of mobile banking users:

87% trust banks more than non-bank institutions when it comes to handling their finances.

79% prefer to use a single app to manage all aspects of their finances, as opposed to using a variety of specialty mobile apps.

87% believe it would be easier to manage their finances with a single view of all their accounts – including those at different banks or financial institutions – in one place.

98% of customers monitor their financial accounts on a monthly basis.

74% are confident that a bank can truly help improve their financial wellness.

Citi’s new mobile capabilities were designed with these needs in mind. The new features on the Citi Mobile App for iPhone will include:

In-app Account Opening: It’s never been faster or easier to open a new account with Citi. Approved customers may open a bank account entirely within the app, in mere minutes. New mobile customers can begin using their account instantly — no need to wait for a debit card to arrive — and take advantage of our suite of wellness tools immediately.

360 Financial View: Citi is the first major U.S. bank with a mobile app that can serve as a single hub for users’ financial lives, eliminating the need for additional financial tracking and budgeting apps. This feature provides customers with a holistic view of their financial lives across their Citi accounts and other financial services providers.

Spending Insights: Beyond simply displaying transactions, Citi’s app puts customers’ data to work for them with access to accurate, meaningful insights to build healthy habits that will last a lifetime. This capability helps customers track their monthly spending vs. income, make progress toward weekly spending goals, unlock opportunities to save, and illuminate insights across all their spending.

Bill Power: Customers asked us for a more comprehensive, intuitive bill-pay capability and we’ve delivered. Mobile users can easily view their bills – everything from mortgage payments and student loans to gym memberships and streaming video services – not just those they pay with a Citi card. Managing bills is about more than paying them. It’s about being notified when a bill increases and providing customers with full visibility and control over recurring charges.

Citi fintech head Yolande Piazza said: “Co-creating new solutions with our customers starts by asking about their financial needs today and listening to how we can help achieve their financial goals tomorrow.

“Learning from our customers enables us to design solutions that deliver speed, convenience, visibility and control as well as more meaningful insights to help them shape their financial futures. We are invested in our customers’ financial wellness and are excited to continue delivering solutions that meet them where they are and get them where they want to go.”

Citi’s new features were developed using agile operating methodology and co-creation with thousands of clients, enabling Citi to deliver the new capabilities within seven months. All of the features went through multiple rounds of research and testing with clients. Additional features will continue to launch in the months ahead.

These new mobile app capabilities complement a series of recent enhancements Citi has rolled out to customers including:

Fast and easy person-to-person (P2P) payments services via Zelle to more than 86 million consumers in the US

Quick Lock for Debit and Credit

ATM/Debit Card PIN reset and activation of new or replacement cards

Enhanced Mobile Check Deposit with increased limits and new user experience

Real-time trading and brokerage account opening for Citigold clients

One-touch ‘Click to call’ functionality to connect customers with their financial advisors quickly and seamlessly

Add an authorized credit card user; Scan a credit card to activate in the Citi Mobile App and

Customized spending summaries.

Source: Company Press Release