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Citi to invest in mobile and online to attract affluent customers

17 November 2010  |  13058 views  |  0 citi bank

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

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