Citibank claims to have signed up more than one million active subscribers to its Citi Mobile package in the Asia Pacific region, just four years after launching the app.
"These branches are also bringing in several thousand new clients monthly, at a rate three- to five-times faster than in traditional branches,...". This is further endorsement of what has been quite evident on the ground and is increasingly being voiced
by analysts e.g. Forrester: "Branches Will Not Disappear, But They Will Change" (http://blogs.forrester.com/auke_douwe_veenstra/12-10-09-is_there_a_future_for_bank_branches).
This McKinsey article on the growing role of digital marketing in today's world of the new consumer journey notes, somewhat ironically,
"one consequence of the new world of marketing complexity is that more consumers hold off their final purchase decision until they’re in a store." Maybe it's consumer behavior of this nature - whether or not it sounds logical to the digerati - that prompts
Citi to continue to invest in its branch network despite having a popular mobile banking app.
© Finextra Research 2014