Citigroup is to invest
between $3bn and $4bn in its US retail banking arm in a bid to grow
mass-affluent customer numbers.
Manuel Medina-Mora,
Citi’s north America head of retail banking, said the bank will cut
costs and target an improvement in credit quality, to fund
increased investment in infrastructure, hiring and
marketing.
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Medina-Mora told an
investor conference on 17 November, that Citi would aim to build a
new technology platform for online and mobile banking by the end of
2011.
While Citi was an early
advocate of mobile banking, its percentage of customers regularly
using its m-banking service has continued to trail sector leaders
Bank of America, Wells Fargo and Chase.
In a separate
announcement, Citi announced plans to revamp its loyalty scheme in
the US for retail partners.
An enhanced card
loyalty service will include integrated branding and
custom-designed consultancy services and programmes.
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By GlobalDataCiti has partnered with
rDialogue, a customer loyalty and relationship marketing firm, to
promote the initiative.
“In today’s environment,
rewards and loyalty programs need to be as distinctive as our
partners’ brands,” said Leslie McNamara, executive vice president,
chief marketing officer, Citi Retail Partner Cards.
