Citi Mobile App
With the rapid rise of the smartphone as a centerpiece in consumers’ lives, expectations of what a bank can and should be have undergone a profound change. Today, according to new Citi research, the average consumer banks on mobile an average of seven days per month (10+ days per month for millennials) and the offerings on their bank’s app will directly impact whether they are likely to stay with their bank in the next year. Eighty percent of mobile banking users with high-functioning apps (those that have five or more features) believe they’ll stick with their bank in the next 12 months vs. only 70% for those with low-functioning apps. In this landscape, Citi has redefined its go-to-market approach, deploying a client-led growth strategy, with mobile at the core.
Consumers are mobile banking an average 7 days per month.
Users with high-functioning apps are more likely to stick with their bank the next 12 months.
A Mobile First Strategy
Over the past few years, Citi’s ‘mobile first’ strategic focus and deployment of agile operating methodologies are fostering massive improvements in the customer experience for over 55 million credit card and retail bank consumers around the world. Through design thinking, co-creation with customers and operating in agile, the bank has radically rethought, redesigned and differentiated its customer experience and dramatically accelerated its speed to market with new features and capabilities faster than ever before.
Case in point: the drastic transformation of the U.S. Citi Mobile App.
Rapid Development With Agile
When Citi first launched a mobile app in 2007, it was the first major U.S. bank to do so. But until recently, it took months to launch a digital feature using a waterfall approach, which meant a slow cadence of new feature offerings. Today, through a rapid transition to agile, Citi is launching new features in a matter of weeks and delivering new, innovative features on a monthly basis.
New Safety Features
In 2016, Citi launched 86 new digital features, including the ability to file a dispute and track a replacement card within the Mobile App – both firsts for a major U.S. credit card issuer. In addition, Citi launched Quick Lock – a new feature enabling credit cardmembers to protect their account by easily and quickly “locking” it with a simple tap or click when logged into the mobile app if their card is misplaced. With Citi Quick Lock, no unauthorized charges are made while a card is locked while previously approved recurring charges continue without disruption. Upon locating a misplaced card, cardmembers can simply “unlock” their account just as easily. Since launch, consumers have adopted the feature en masse, performing over 1.6 million locks and unlocks in the past year.
Linking Banking with Wealth Management
Also, in December 2016, Citi was the first global bank to integrate banking , wealth management and money movement capabilities in a single mobile app. Tailored for U.S. Citigold clients, with functionality extending to 80% of all US banking customers, the new mobile features included: enhanced log-in with a choice of five modes of authentication (fingerprint, voice, facial recognition, PIN, and a traditional password); instant servicing "click to call" capability; money movement through Citi Global Transfers; and trading & investment capabilities.
More Features on the Way
Fast forward to 2017 and Citi is on track to launch more than 800 digital features by year end, including innovative features such as the ability to scan a card using a mobile device’s camera when activating it in the Citi Mobile App, view a customized summary of spend within a personalized date range through the App, Quick Lock on debit, add an authorized user on a credit card, and an ATM locator to find one of more than 60,000 surcharge-free ATMs in the nation’s largest fee-free network. In addition, Citi introduced the ability to open a brokerage account on mobile and in Q3 launched additional wealth management features, including a dividend reinvestment plan (DRIP), fund screener, consolidated search functionality and enhanced visualization.
As Citi has simplified and improved the customer experience across digital and mobile channels, usage and engagement is skyrocketing. As of Q3 2017, Citi realized 22% growth in active mobile users vs. 2016 — the highest growth rate in mobile users among top banks in the U.S. In addition, mobile app logins have surpassed browser logins for the first time and Citi’s mobile app has maintained a 4.5 star or above rating in the App Store for over a year.
With the goal of making customers’ lives simpler, easier and better, Citi is delivering convenience for its customers today and tomorrow. And with a slate of innovative digital offerings on the horizon, there’s no question that Citi is altogether redefining the next-gen mobile banking experience through the Citi Mobile App.
Growth in active Citi mobile users vs. 2016.