Citibank introduces biometric banking and finance mobile app
Citibank is rolling out a biometric mobile app that combines banking, wealth management and money movement features on a single biometrically-secured application, according to a report by Finextra.
Developed by Citi FinTech, the app “demonstrates the power and potential of our new agile operating model, a spearhead to leading what’s next for our clients and for Citi”, according to Stephen Bird, CEO of Citi’s global consumer banking.
Citi FinTech tested the app with 2,500 clients over five months to improve its design and prioritize development, adding new features over a series of two-week development intervals.
The app was developed using an open architecture incorporating portable APIs, enabling it be modified in real time and customized to different client needs and markets, said Bird.
Initially designed in mind for US Citigold clients, the app offers users the selection of five authentication methods, including fingerprint, voice, facial recognition, PIN, and password.
Once logged in, users can conduct global transfers to linked current accounts using just an account number, along with buy and sell equities, ETFs, and mutual funds.
Citibank will soon provide Citigold clients with the ability to open a new brokerage account via the app.
In addition, the app includes access to its ‘Click-to-call’ feature, which offers 24-hour service to relationship managers and financial advisors for more complicated functions.
“We set out to solve for our clients’ more complex financial and investment needs first, which is why many new features are tailored to Citigold clients,” said Yolande Piazza, chief operating officer at Citi FinTech. “Utilising an agile operating model, the team was able to design, build and deliver in months what previously would have taken years to do. We co-created this product with our clients and deeply appreciate their time and input. We will monitor engagement and feedback, improve in real-time and then expand to more clients and markets.”
For the past few months, Citibank Singapore has been focusing their credit card efforts on mobile e-wallet payments via the Android platform.