Citigroup is looking for new ways to attract customers to their new online bank; the bank is looking into offering...
Citi is the world’s biggest credit card issuer and boasts over 28 million clients; while the card business is strong,...
A report from Citi Global Perspectives and Solutions, titled "Education: Back to Basics" says student loan default and delinquency rates are down from 14.7% in 2013 yet still high at approximately 11% which is comparable to peak mortgage crisis delinquency rates of 11.5%; report also provides additional comparisons of the current state of the student loan market to the mortgage market crisis; notes that the student loan market overall is $1.41 trillion compared to $8.6 trillion for mortgages, making high student loan defaults less significant than a mortgage market crisis. Source
Citi recently announced an upgrade to their mobile app to help add features and streamline the app offering; the new app features more financial management tools, you can open an account on your device and pay bills; they also added a 360 Financial View tool to give the customer a full understanding and view into all their accounts, Citi and non Citi accounts; the app is part of a broader digital strategy the bank has been pushing in recent weeks. Source.
A new report out by Citi says that new digital-first challenger banks may cause a 30% revenue hit to incumbent...
Citi’s mobile app users grew by 21 percent the past year to reach 9 million users; this adoption is a lot slower than peers at Chase, Bank of America and Wells Fargo who see mobile app users over 20 million; Citi’s growth for the past year is higher and their adoption is beginning to increase; Citi was slower to the game of adopting the new digital features but has since started to catch up by launching Citi FinTech; the new unit has helped the company to launch over 800 digital increases in the past year, a 300 percent increase; the company is planning to keep investing heavily in fintech and is optimistic about their future adoption trends. Source.
Citi announced 6 API partnerships with corporations in Hong Kong as they look to expand their digital banking services; Angel...
Citi Ventures has invested in well known fintech companies like Plaid, Square and Betterment but they are also focused on...
Citi thinks startups are missing out on a big opportunity and is inviting startups to disrupt institutional banking; Citi has taken a close look at thousands of fintech startups so far and has taken a position in about 30 so far; “Contrary to the common belief, I think there is more opportunity for collaboration with fintech than disruption,” Naveed Sultan, global head of treasury and trade solutions for Citi said during a fireside chat reported by TechCrunch. “Particularly on the institutional side.” Source.
Vanessa Colella is the head of innovation at Citi but she does not have a banking background; when she became...