Citibank announced yesterday their new national digital bank which allows anyone nationwide to signup for a Citi deposit account from within the app. They’ve also added aggregation functionality to the app so that you can view all your financial information in a single app. These features are currently iOS only. (Previously discussed here.)
Citi has broad familiarity with their credit card products, yet their banking footprint in concentrated in six large cities of NYC, Chicago, LA, San Francisco, D.C., and Miami. It’s always been possible to open a Citi deposit account nationwide, but now the bank is venturing into the national digital bank territory from within the reinvented Citi app. New mobile customers can begin using their account instantly without the need to wait for a debit card to arrive. This should improve the process of bank account opening with Citi, and perhaps we’ll see competitive savings account rates in the future, as is customary of internet banks.
The other big move here is Citi creating their own aggregation app, similar to what Mint does, to access ALL your financial accounts, loans, and investments within the new Citi app. “There may be no more powerful single app in market today,” said Stephen Bird, CEO of Citi’s Global Consumer Bank.
Even those who don’t have any Citi accounts can signup for a Citi app account to aggregate their financial data. Surveys indicate that consumers trust banks more than non-banks with their information.
The app will also offer spending insights to help build healthy financial habits, and a central bill tab to manage all your bills in one place. You can get notifications when a bill goes up.
These enhancements are in addition to a number of other changes in the app we’ve seen, such locking your card, activating a card with a picture, dispute a charge, card replacement and recurring charge view.
