Citizens Financial Group has become the latest traditional lender to launch a standalone digital bank.
Citizens Access offers FDIC-insured online savings and certificate of deposit (CD) accounts to people across the US, expanding Citizens' reach beyond the 11 states it serves through 1150 branches and 3300 ATMs.
The new venture also helps the bank tap into the increasing number of digitally-savvy customers who prefer to carry out business through their phones.
Citizens Access’ customers will be able to open and fund a new account in five steps that take fewer than five minutes to complete. Everything can be done either on a mobile device or computer and all documents will be delivered electronically to customers in a secure manner.
Citizens Access also provides savings tools that can, for example, help customers construct a CD ladder that will allow them benefit from higher, longer-term rates without locking all of their money up for the entire duration.
John Rosenfeld, president, Citizens Access, says: "Over the last several years, direct bank deposits have grown six times faster than deposits at traditional banks as consumers have sought innovative new ways to save money.
"To address these evolving customer needs, we designed Citizens Access to provide an exceptional digital experience where every task is intuitive and easily accomplished, even on a mobile phone."
Last month JPMorgan Chase rolled out its millennial-targeting mobile-only banking offshoot Finn nationwide, while Santander, Standard Chartered and Unicredit have all made similar moves.