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‘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.
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‘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.”

Mobile usage is up significantly, too. Before stay at home orders were implemented, the share of deposits coming over mobile was around 20% for the bank. Now, mobile check deposit is its largest deposit channel, with 37% of all deposits coming over mobile. That’s about a 60% jump over last year. The last few months have been the biggest shift ever.

Citi launched the ability to send wires over mobile in 2019. With many branches closed to customers, that feature is in high demand. Citi has experienced a 300% jump in usage of mobile wires since launching it. Roughly 60% of the people using mobile wires haven’t ever sent a wire from their Citi account.


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