Citigroup’s Chief Financial Officer (CFO) John Gerspach at a recent investor conference stated that Citigroup wanted to launch a national digital consumer bank sometime within the next three years. Going on to state:
“I am not making an announcement right now, but I would be really disappointed if it was anything close to being three years away,”
Given that Citigroup’s IT team is known for constant issues and their banking products are not competitive with high fees and low interest rates I can’t say I’m particularly excited by the thought of a Citi digital bank. On the bright side this should mean they are putting more resources to mobile and online banking and those teams should improve over time. We might also get lucky with a bonus or two for new account holders.
citi is a hodgpodge of bad systems where none interact well with others
Citibank is the only bank I still request paper statements for because of the recurring nightmare that is their IT.
In their particular case I think they should actually revert to hard copies in order to improve service. Let anyone one else take the initiative on this one please. Write your representative and ask them to keep Citi from further damaging the digital age.
They seriously need a huge digital transformation throughout Citi. When the IT systems are bad, its clearly an indication of poor management. A lot of companies do not realize that technology is changing so rapidly that your managers need to adapt very quickly.
3 years to implement a digital banking platform is crazy. In 3 years, a bunch of other companies would do wonders.
“I would be really disappointed if it was anything close to being three years away” he has no clue in coding and IT probably, and making this announcements while Citibank has very poor online IT experience. Don’t build anything on broken platform, build new working platform or fix it before you update/upgrade it…
I keep seeing job postings by Citi in my area looking for tech guys. Posts call themselves a tech company that runs a bank. Gives me a chuckle every time I see one.
This is why Citi’s IT is so awful. CFO of the day gets a wild hair, implements something new and groundbreaking that doesn’t work with anything else and so a clunky behind the scenes workaround is put together that has to be supported for the next 20 years.
Good insight into resources for web and phone. (sh)citi bank is the worst banking customer service experience I’ve had, with HSBC as a close second. Fingers crossed for an improved experience and some new bonuses!
just means u havent opened enough bank accounts. Citi is the worst vs chase bofa but not vs WF and USB and Union Bank and many others like Synchrony bank or Comenity Bank or bluebird/serve
Spoken like a connoisseur.