31 March 2015

Citi CTO: Banks should 'do no harm'

30 January 2013  |  9255 views  |  1 Canary wharf buildings

Don Callahan, chief technology and operations officer at Citi discusses Google Wallet learning curves, his personal frustrations with banking and how banks should seek to 'make customers lives easier'.

During a keynote address at the bank's Digital Money Symposium in London yesterday, Callahan discussed the bank's working relationship with Google Wallet. Callahan admitted that Citi had to learn how to keep up with the fast pace of development and change needed to work with a Silicon Vallley giant such as Google. However, he says the learning curve worked both ways with the two companies. When Citi discussed anti-money laundering strategies, specifically in relation to cross-border payments, Google responded with: "What's anti-money laundering?" says Callahan.

This sharing of knowledge, he says, highlights the benefits both banks and innovative technology companies can offer the mobile banking ecosystem.

Callahan went on to vent his frustration that, while he banks exclusively with Citi, it is very difficult to get a single, central view of all his monthly activity - from payments, to deposits, to investments, to savings and so on.

He suggested further that customers should be able to compare months, with their single view of their financial health, and even compete with peers in their social groups on savings goals on social media sites.

Callahan's personal story reflects a broader trend in the banking industry to offer clients more personal financial health services and so-called 'gamification' techniques to monitor their economic status.

Callahan spoke with Finextra at the Symposium where he expressed the view that banks should 'do no harm' and product development should focus around "making clients' lives easier.


Comments: (1)

Peter Bove - Aviso - Killorglin | 30 January, 2013, 12:29

Hmm, "Do no harm" is distrubingly close to Google's (now aparrently lapsed) motto of "Don't be evil".

There are many positive statements in this article, it is a shame that he chose a phrase stated in the negative. As a Citi customer, I would have preferred "Make customer's lives easier" as featured at the top of the article, but maybe that would not have shown how in awe of Google he has become.

1 thumb up! 1 thumb up! (Log in to thumb up)
Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

29 January, 2013
25 January, 2013
07 December, 2012
05 December, 2012
16 October, 2012
08 March, 2012
10 February, 2012
31 January, 2012
03 January, 2012
02 December, 2011
12 October, 2011

Related company news


Top topics

Most viewed Most shared
Europe sets the pace as fintech investment...
6345 views comments | 29 tweets | 20 linkedin
UK online banking fraud losses soar 48%
5809 views comments | 16 tweets | 18 linkedin
Future Money Focus: Mariano Belinky, Santa...
5372 views comments | 12 tweets | 12 linkedin
Google preps Gmail bill payment feature
5137 views comments | 15 tweets | 12 linkedin
Barclays and PayPal join Government ID acc...
4960 views comments | 10 tweets | 11 linkedin

Featured job

Top to attract the best
Zurich, Switzerland

Find your next job