Citizens Financial Group is set to launch a new direct-to-consumer digital platform called Citizens Access.
This platform, designed to cater to the consumers comfortable with online offerings, will provide FDIC-insured deposit products.
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Scheduled to be launched in the third quarter across the US, the platform will provide a new avenue to the customers to save money for future usage.
The bank intends to offer ‘attractive rates’ on this digital deposit offering to fetch new customers.
Citizens CFO John Woods said: “The planned launch of Citizens Access represents a step forward for Citizens as we seek to expand our distribution to meet consumer needs.
“Sourcing deposits nationwide is a perfect complement to our attractive retail lending initiatives, such as education refinance, merchant finance and home equity.
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By GlobalData“We expect Citizens Access to further diversify our funding sources by targeting savers who often choose to add digital-only offerings to their existing retail banking relationship and are actively seeking online alternative savings solutions.”
Citizens vice-chairman and consumer banking head Brad Conner said: “Over the past several years, we have invested heavily in data and analytics to better understand and react to customer needs, and we are excited to engage with them in one of our industry’s fastest growing deposit channels.
“Over time we believe this will better position the bank to further innovate, acquire new customers and deliver expanded digital capabilities.”
Headquartered in Providence of Rhode Island, Citizens Financial Group is one of the largest financial institutions in the US with $153.5bn in assets as of 31 March 2018.
It focuses on providing various retail and commercial banking products and services to individuals, small businesses as well as middle-market companies and institutions.
