EXCLUSIVE— Citibank is preparing the rollout of its new digital strategy, beginning with upgrades to the bank’s iPhone mobile app, due in the coming few weeks, the bank announced today. (It’s difficult to be precise about when iOS apps will appear in the app store, due to Apple’s app review process, which can confound even large corporations.)
Aside from offering new features like in-app account opening, the bank is giving users the ability to aggregate all of their financial accounts in one place via mobile, even if that user does not have a Citi bank account.
The bank is in essence opening its mobile banking platform to all consumers: users who do not have a Citi account can still use the app by creating a profile and linking all of their accounts (for various financial providers) together within the app. David Chubak, head of Citi’s global retail bank, said of the new capabilities in a statement:
We’re investing in our products, our people and our capabilities to make Citi the only bank our clients will ever need. These new, game-changing mobile features will enable consumers to manage the breadth of their financial lives in the palm of their hand.
Citi currently has about 9 million active mobile banking customers, according to the results of its 2017 fourth quarter, and about 17 million active digital customers.
As with many mobile services that make use of account aggregation, this would allow the customer to have a holistic view of their finances, complete with spending insights and other notifications provided by Citibank.
Citi is the first incumbent bank to offer this kind of capability, it notes in today’s press release, though many banks have adopted similar strategies: banks like Chase have opened investment capabilities on its mobile app, while banks like BBVA are powering separate applications like Simple.
However, Citi may be the first to launch an open mobile ecosystem for customers that are not its own. Take a look at the way the app will work in the video below:
Bank Innovation has reached out to Citibank for further comment.
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