Citizens Financial Group is building a new mobile app to meet booming customer demand.
The $224 billion bank within the next 12 months will launch its app with self-service features in an effort to reduce call center volumes, according to its Q3 earnings presentation.
Citizens reported for Q3:
- Noninterest expenses grew 21% year over year to $1.1 billion;
- Total revenue jumped 31% YoY to $2.1 billion;
- Mobile active users climbed 19% YoY to 2 million; and
- Virtual chat sessions skyrocketed 250% YoY.
The new app’s planned self-service offerings give users what they are looking for in their mobile banking experience, Citizens Chief Financial Officer John Woods said during today’s Q3 earnings call.
“Over the next year we are working to launch a new mobile app and a unique customer direct experience,” Woods said. “We continue to make meaningful strides forward with our national digital strategy and tech modernization.”
Continuing digital enhancements
Looking ahead, Citizens is focusing on improvement strategies to its digital wallet to “grow relationships with high-value customers” within the next year, according to the earnings presentation.
The bank is also planning to expand its national online storefront by adding digital cards and checking capabilities, according to the earnings report.
Citizens’ mobile platform growth shows that its Q2 technology investments are paying off, Brendan Coughlin, head of consumer banking, said during the call.
“We’re seeing some decent growth in [the mobile app], and the digital native customer still exists out there and is waking up a little bit as rates have gone up,” Coughlin said. “So, it’s been a very, very effective strategy for us. The customers are loyal to Citizens, and we’re seeing good augmentation from those customers are very real brand-engaged customers.”
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