Citi’s own fintech upstart disrupts from the inside

By:
Peter Lee
Published on:

Citi's new mobile app is a first crucial step to re-invention. Head of consumer banking, Stephen Bird, tells Euromoney the bank may have only a couple of years to convince customers it is the high-quality, always-connected partner with the services they want.


 

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On December 7 last year, Citi rolled out an upgrade of its mobile banking app, version 8.0.2. Apple shows on its iTunes app store 42,000 ratings for the Citi mobile app that give it a satisfactory if unremarkable average rating of three and a half stars.

A new update for an app designed to let customers check their balances, make payments and transfer money between accounts would not normally merit notice. But Citi was taking particular care with this one. This upgrade is the tip of an iceberg. Beneath it lies not just the full embrace of digital technology but also a new approach to development that promises a near re-invention of consumer banking at one of the world’s largest banks.

Originally slated for late November, the update was delayed to avoid a change in the bank’s highest-use digital channel coinciding...