Magazine article American Banker

3 Technologies Citi Is Honing to Improve Customer Relationships

Magazine article American Banker

3 Technologies Citi Is Honing to Improve Customer Relationships

Article excerpt

Byline: Penny Crosman

Banks need to prove their value to customers, Paul Kadin, executive vice president, North America Consumer Banking Customer Strategy at Citibank, told attendees at the Financial Services Marketing Symposium in New York yesterday. "We ask our customers to conform to us, to come to our channels, to work within our policies, to pay pricing that covers our cost," he said. "In earlier times, the tradeoff was some security, some trust, some feeling of safety for the money. That equation has eroded over the last few years dramatically."

Citi is using technology to provide value to customers in a few ways, he said.

1. Combining reward points, mobile coupons and mobile payments. Through its partnership with Google Wallet, the bank already generates coupons customers can use as they tap and pay with Google Wallet using a Citi card. An iPhone application Citi has developed with Best Buy lets customers research an item in which they're interested with a barcode scanner and later buy it using loyalty points. A future scenario will look like this, Kadin said: The customer will check in to a retailer and a "dynamic offer engine" will deliver that person's Citi rewards balance and location- and time-specific offers from nearby merchants. The customer will use a barcode scanner to check for additional offers and compare prices and redemption opportunities. Before checkout, the customer will select a means of payment that can be a mix of banking accounts, debit and credit cards and gift cards. At the register, the customer will pay with a tap and Citi will display the customer's current reward balance, account balance and other offers.

2. Providing content and free wifi to "be in customers' lives." "In the past, we've put our message out in locations customers travel to, and it might be relevant, but it's our message to them a it's one-way, self-serving messaging," Kadin said. …

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