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.

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.”

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.

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

New banks

Why adding video to U.S. Bank’s co-browse feature is expected to quadruple usage in 2021

  • U.S. Bank has added live video functionality to its co-browsing feature.
  • New options include screen sharing with live video and virtual appointments.
Ismail Umar | June 21, 2021
Member Exclusive, New banks

What’s happening in challenger banking, June 2021

  • Tearsheet publishes Challengers, its bi-weekly newsletter on what's happening in digital banking.
  • Here are the the ins and outs of how digital is impacting the business of banking as of June 2021.
Tearsheet Editors | June 03, 2021
Member Exclusive, New banks

‘We’re building a new category’: Banking solutions for freelancers could become a hit

  • The rise in freelance careers is continuing this year.
  • Challenger bank Lili wants to carve out a niche that is part business, part consumer.
Rivka Abramson | May 21, 2021
Member Exclusive, New banks

Cheese, a digital bank for immigrants, rolls out rewards geared towards Asian-owned businesses

  • Digital bank Cheese signed up with Dosh to launch its cash back rewards program for its Asian American and immigrant customer base.
  • The program lets customers earn 10 percent cash back on purchases at over 10,000 retailers including Asian American businesses.
Rimal Farrukh | May 20, 2021
Member Exclusive, New banks

‘I have a visceral understanding of the underserved customer because I was one too’: The story behind Ahead Financials

  • Ahead Financials was launched back in December to provide banking services to anyone who feels financially insecure or underbanked.
  • Anu Shultes is the CEO of Ahead. Her inspiration for the challenger bank and her understanding of how to build it come from 25+ years in the banking industry, as well as her own experience as an immigrant in the US trying to make ends meet.
Rivka Abramson | May 17, 2021
More Articles