Citi has disclosed that it will be launching new features for its mobile app with a view to meeting the needs of customers across the United States. Some of the new features which will be unveiled in coming weeks include spending insights, account aggregation and in-app account opening. Customers of other banks will also be able to create a profile on the app and this will link their accounts if they want to benefit from the features that it will offer.
“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,” saidStephen Bird, the chief executive officer of Global Consumer Bank at Citi.
The transformation of Citi started five years ago and this latest move will see it extending its national reach. Some of the changes that the lender has undertaken includes redesigning branches, investing in wealth management, expanding ATM access and streamlining its footprint. According to the head of Global Retail Bank at Citi, the investment by the lender in its human capital and new products is aimed at ensuring that the bank will be the only one that its customers will ever need.
Per a mobile banking survey conducted by Citi, consumers have more trust in banks relative to non-banks with regards to who handles their money. Additionally consumers are interested in an app that gives them a bird’s eye view as pertains to their finances.
Later in the year Citi is also planning to unveil new digital products via the app for the United States market and this includes automated investing as well as micro loans to shoppers. The digital banking service that Citi is offering is however not a new concept as purely online banks have been doing it for years. These include Ally Financial, Discover Financial Services and Synchrony Financial.
Among the full-service giant banks in the United States Citi however would be a pioneer in offering a purely digital relationship with its customers under its brand name. The move would come at a time when Citi has reduced its branch network and consequently sacrificed the scale which has assisted competitors that include Bank of America, Wells Fargo and JPMorgan Chase. At the close of last year consumer deposits for Citi’s North American operations fell to $182.5 billion from $185 billion a year prior.