Member Exclusive, New banks

‘They don’t have legacy technology or thinking’: Citizens Bank learns from, competes with new digital banks

  • Citizens Bank draws lessons from innovation in banking experiences introduced by fintechs.
  • Nevertheless, the $160 billion bank is convinced human interaction will always be important for its customers.
close

Email a Friend

‘They don’t have legacy technology or thinking’: Citizens Bank learns from, competes with new digital banks

Incumbent banks are paying attention to what’s happening with challenger banks. And, increasingly, they’re taking inspiration from some of the innovations new digital banks have created for the customer journey.

“It’s incredibly important to be thinking about challengers, what role they’re playing in the market, and how they’ve interpreted customer needs,” said Beth Johnson, chief experience officer at Citizens Bank, last week at Tearsheet’s inaugural Challengers Conference. “[You can see] how innovative challengers can be because they don’t have the legacy — not only the legacy architecture, but the legacy thinking that many of the incumbents have.”

Citizens Bank takes a build-buy-partner approach to launching new services and functionality for its customers, tapping into partners with a special feel for new financial experiences. With SigFig, the bank launched a digital wealth solution a few years ago. Partnerships like this one are a win-win, according to Johnson.

 


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — $59/mo Already an Outlier member? Sign in to your account

0 comments on “‘They don’t have legacy technology or thinking’: Citizens Bank learns from, competes with new digital banks”

New banks

With OCC approval of Radius Bank, LendingClub is one step closer to becoming a marketplace bank

  • LendingClub’s merger with Radius Bank received conditional approval by the OCC.
  • The approval marks the latest stage in the acquisition which will transform LendingClub into a marketplace bank.
Rimal Farrukh | January 11, 2021
New banks

Green Dot launches Go2bank, its in-house challenger bank

  • Green Dot is best known for its prepaid cards and managed debit card programs its managed for big brands.
  • The bank has launched its own challenger bank brand to compete head on in digital banking.
Zachary Miller | January 06, 2021
New banks

Quontic is first bank to offer bitcoin rewards on debit card purchases

  • Quontic Bank released a checking account that pays rewards in bitcoin.
  • 20 percent of their consumers indicated that they would switch their checking account to one which rewards them in bitcoin
Rimal Farrukh | December 29, 2020
New banks

With PPP powering account growth, Radius Bank upgrades its business banking

  • Radius Bank launched its small business banking platform and mobile app.
  • The revamped service allows SMBs to smoothly transition across accounts as well as deposit checks, pay bills and make transactions.
Rimal Farrukh | December 28, 2020
New banks

2020 in review: The year of the pandemic as seen through Tearsheet’s top stories

  • 2020 was a massive year in the world and in financial services.
  • Through the prism of Tearsheet's reporting, we look back at the year that was.
Zachary Miller | December 28, 2020
More Articles