Member Exclusive, New banks

‘We want to get to a segment of one’: Inside Citi’s 5 year plan for digital

  • Citi's digital channels have spiked in usage since the beginning of the pandemic.
  • The consumer bank's chief digital officer Mike Naggar shares where he's headed with technology.
Zachary Miller | October 20, 2020
close

Email a Friend

‘We want to get to a segment of one’: Inside Citi’s 5 year plan for digital

Digital usage was increasing steadily at Citi when COVID-19 hit the U.S. The bank had put a lot of focus on digital channels and products the few years leading up to 2020. And in March, when the first effects of the pandemic began to be felt in the market, Citi saw a spike in logins and new customers coming through digital channels.

“We saw, and continue to see, a 30% increase over pre-COVID logins and engagements,” said Mike Naggar, chief digital officer of Citi’s US consumer bank. “People in a pandemic tend to go toward safe ground. Nearly 60% of our new customer acquisitions have come over digital.”

Profile

Robinhood is an online stock brokerage that offers its customers commission free trading and investing. Robinhood users can invest and trade in stocks, exchange traded funds, options, and cryptocurrency. Customers can invest in over 5,000 stocks with Robinhood, including most U.S. equities and ETFs listed on U.S. exchanges.

Robinhood Financial, LLC and Robinhood Crypto, LLC are wholly-owned subsidiaries of Robinhood Markets, Inc. All cryptocurrency holdings are held in Robinhood Crypto as opposed to Robinhood Financial.

The company was founded in 2013 by Stanford roommates Baiju Bhatt and Vladimir Tenev. It has its headquarters in Menlo Park California and offices in the U.S and the UK.

Account Types

Robinhood’s products are accessible through its three different accounts: Robinhood Instant, Robinhood Gold and Robinhood Cash.

Robinhood Instant

Robinhood Instant is the default Robinhood account which is a margin account that has access to extended hours trading and instant deposits. Robinhood Instant account users do not have to wait for funds to process while selling stocks or depositing up to $1000.

Robinhood Gold

Robinhood Gold comprises a range of investing tools and premium products such as greater instant deposits starting at $5000 to a max of $50k, research from Morningstar on 1700 stocks, Level II Market Data from Nasdaq and more access to trading on margin. It has greater buying power and larger instant deposits as compared to the Robinhood Instant account.

This content is available exclusively to Tearsheet Outlier members.

\"Tearsheet 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 — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “‘We want to get to a segment of one’: Inside Citi’s 5 year plan for digital”

Modern Marketing, New banks

Embracing ‘side bank’ status: 5 questions with Aaron Wollner, CMO of Quontic

  • As a community bank turned digital bank, Quontic has its own unique challenges in sticking out of the crowd.
  • In this Q&A, CMO Aaron Wollner talks about what’s new in the digital bank’s campaign work and how it’s been shifting its messaging to fit the current financial climate.
Rivka Abramson | October 19, 2022
New banks, Sponsored

Creating a winning neobank strategy through differentiation

  • There is a notable opportunity for neobanks to fill gaps that currently exist in traditional financial services, especially since they are free of the restraints of dated technology.
  • However, to be effective, they must identify a primary differentiator or central mission and then build the user experience around that north star.
Praxent | October 18, 2022
Member Exclusive, New banks

Banking Briefing: Will WFH become a thing of the past?

  • Banks are pushing to get employees back in the office – but what will that do for their efforts to attract tech talent?
  • Meanwhile, gender inequality is alive and well in the banking industry. Here’s what one bank is doing to try and solve that.
Rivka Abramson | September 12, 2022
New banks

Are neobanks still considered disruptors?

  • Neobanks include thousands of companies seeking to disrupt banks across different customer segments and products.
  • As the digital transformation unfolds throughout the financial services industry, there will be a role for all types of service providers, including brick-and-mortar institutions.
Lindi Miti | September 02, 2022
New banks

Timberland Bank offers a savings program that pays customers to learn about finances

  • Integrations don’t have to be a painful, dragged out process if the right people are involved.
  • Paying people for learning about their finances can improve financial wellness and customer engagement.
Rabab Ahsan | September 01, 2022
More Articles