Financial heavyweight Citi has faced off a challenge to old-bank hegemony with a powerful display of its technological prowess that knocked the wind out of a room-full of Bank 2.0 innovation gurus and digital evangelists at an Innotribe session at Sibos in Toronto.
Given that I was on the panel and was supposedly slapped down, I think this article needs a firm clarification.
What Citi demonstrated was it's preparedness to work with partners such as BANK 2.0 players. Antonio did NOT demonstrate anything that was progressive on the user interface, social, mobile or interaction perspective in anyway other than Google Wallet (which
is a Google innovation). So a 'slap down' is hardly an accurate representation.
In fact, my view is that Citi showed they are gearing up fast to allow BANK 2.0 partners like Google Wallet and PayPal to hook into their ecosystem/back-end through APIs. This shows they understand they won't be able to dominate the front-end, and need to
be open to new modes and new customer interfaces...
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