Citizens’ $148M Q1 tech spend is level YoY

First-quarter technology spend at Citizens remained constant year over year. The Providence, R.I.-based bank spent $148 million on equipment and software in Q1, a 0% change YoY but a 3% increase from Q4 2021, reflecting a range of digital investments across commercial and consumer segments. [caption id="attachment_220650" align="alignright" width="300"] Photo courtesy Citizens Bank[/caption] Recent cloud capability upgrades are reflective of the bank’s “digital-first” approach, John Woods, chief financial officer at Citizens, said during Tuesday’s earnings call. “We were excited to complete the upgrade of Citizens Access to a fully cloud-enabled core platform, which enhances the capabilities of our National Digital Bank and is the first step toward our multiyear objective of convergence with our core banking platforms,” Woods said. Citizens Access is the bank’s digital-native consumer banking solution. The $192 billion bank’s earnings presentation highlighted several technology wins, including an overdraft-free checking account and an expanded relationship with core provider FIS that allows Citizens to process Mastercard or Visa crypto transactions for clients of Worldpay . Worldpay was acquired by FIS in 2019. Other digital metrics Citizens touted in the earnings call: 1.9 million mobile users, a 16% YoY increase; Zelle transactions up 24% YoY; Virtual chat sessions up 225% YoY; and Digital deposits make up 31% of the bank’s $158 billion in total deposits. Plans for digital expansion Citizens is also using digital investments to lead expansion into new markets. While the bank’s heaviest footprint is in the Northeast, Chief Executive Bruce Van Saun said Citizens is expanding into Florida and other areas through digital platforms with a “thin branch presence.” “We are investing heavily in the digital bank,” Van Saun said. “And that is also twinned with some light branches in markets like Florida, where we can really start to bang the opportunity through our digital platforms. And then over time, we will figure out what physical presence do we need to complement those digital offerings.” [stock_market_widget type="inline" template="generic" assets="CFG" markup="{name} ({symbol}) is trading at {price} ({change_pct})as of{last_update}" display_currency_symbol="true" api="yf"] Help shape our agenda for the Bank Automation Summit by applying to join the speaker roster here . Potential speakers will be contacted and confirmed directly by the editorial team, and only qualified submissions will receive a response. Learn more about Bank Automation Summit Fall 2022 .

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Citizens’ $148M Q1 tech spend is level YoY

$192B bank upgrades cloud capabilities, expands digital footprint

US M&A banking boom sheds new light on need for digital transformation

BOE taps banks for funds to increase scrutiny of crypto assets

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