Citi bank has updated its mobile app for iPhone with several features as part of the bank’s effort to be a nationwide digital bank. Perhaps the largest change is that the app, for the first time, now allows non-Citi customers to create a profile and get both spending insights and a “360-degree view” of all their financial accounts. The app analyzes transactions to give customers a better understanding of how they spend and save their money. Customers also have the ability to set goals for weekly spending and receive tips on new ways to save. The update also simplifies how recurring payments are managed and notifies users when a recurring bill is increased so that they can adjust their budget.
Following the 2008 financial crisis, Citi shrank its retail business to focus on more affluent customers. Now, however, the bank appears ready to grow again. The company seeks to differentiate itself from the FinTech upstarts it now competes against by emphasizing the greater trust that consumers have towards established bank brands. Citi isn’t alone in this pursuit of digital customers, although it is the first bank to develop a broad digital service under its main brand. JPMorgan Chase offers “Finn”; BBVA Compass Bancshares has “Simple”; and Goldman Sachs has introduced “Marcus”.