Not surprisingly, Citibank saw an increase of digital banking channels through Q1 2020 and has now made a key digital...
Citigroup is committing $50 million to buy PPP loans from minority-owned depository institutional; the loan purchase program is in partnership...
Michael Corbat, CEO of Citigroup was interviewed by Bloomberg at the World Economic Forum; the bank currently spends $8.5 billion...
John Gerspach, Chief Financial Officer of Citigroup stated at an investor conference they are building the foundation which will support the launch of a national digital consumer bank launch in the next three years; the bank currently has around 700 bank branches which is far fewer than the three biggest banks. Source
Citigroup led the $20 million round and the company is now worth $200 million; Citigroup plans to use the startup’s technology which uses natural language processing to improve customer interactions; the software converts audio conversations into text and then uses sentient analysis algorithms to detect questions, and whether it was a positive or negative interaction; it also works to determine bearish and bullish markets for traders. Source
Citigroup’s new robo-advisor will be free for customers who have at least $50,000 in deposits or investments; this is the...
Citigroup has shrunk its retail banking business over the years, but is now looking to become a national player; they plan to do this by expanding mobile app features to serve new customers wherever they live; the app will include banking, credit card, lending, investment tools and account aggregation; Citigroup has invested three years into their digital plans and also has plans for a roboadvisor within the app Source
Citizens Bank has partnered with the Opportunity Network to provide increased support for business owners; the Opportunity Network is an innovative business-to-business networking platform; it includes 13,500 CEOs and reports approximately $35 billion of deal flow; through the business-to-business platform, businesses can connect with deal support for a number of activities including mergers, acquisitions and new market expansion. Source
As banks look to reassess how to utilize their branch space, TearSheet took a close look at the Citizens Bank branch overhaul; the bank is looking to make the branch into digitally connected community centers; they are looking to reduce their branch footprint by 50 percent over the next decade and look to utilize the spaces they have better; less teller lines, more private meetings rooms and digital tools to help engage the different types of customers. Source.
One of the most innovative community banks is now doing its part to help customers a better handle the current...