Investment firm Citigroup Inc. intends to market a new app in the third quarter, as the third-biggest U.S. bank by assets seeks to digitally grow its deposits from individuals.
The unnamed app according to the head of global retail banking and mortgage David Chubak, should be able to help drive the company’s wealth management business higher.
People are willing to switch to a bank that can provide this kind of mobile-first experience, he said, citing customer research conducted by Citigroup.
The New York-based company is relying on its technology, brand name, and outreaches to its 120 million US credit card accounts to help it attract customers. Citigroup might also offer rewards for new deposit accounts to some card customers.
However, Bank of America (BofA) consumer banking division co-head Dean Athanasia stated that digital offers can only get someone so much, which means that even as customers embrace digital apps, they would still want a local branch where they can see someone.