Citi plans to build a single global technology platform for Internet and mobile banking by the end of next year as part of a multi-billion dollar investment in its consumer business, according to Reuters.
At a US conference, Manuel Medina-Mora, CEO, consumer banking for the Americas at Citi told delegates that the bank will invest between $3 billion and $4 billion on its consumer bank to attract more business from wealthy, urban customers, says the wire.
The money - funded through expense cuts and the benefits of improving credit quality - will be spent on technology, infrastructure, hiring and marketing.
Medina-Mora told the conference that the bank hopes new technology, particularly in relation to Internet and mobile built on a single platform, will help it attract affluent customers.
Citi to invest $3 billion to $4 billion in consumer bank - Reuters