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Business customers of Citi bank have done more than $1tn in transactions using mobile since the bank launched its mobile banking service for corporates five years ago.
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The Citi service for financial departments has allowed them to use mobiles to process payments, authorise trades, monitor global cash positions and payment status, and receive real-time notifications. In 2013 the bank launched a tablet version of the service.
With $1tn of corporate client transactions completed using CitiDirect BE Mobile and BE Tablet, part of Citi’s online banking service, individuals are clearly no longer alone in taking advantage of mobile banking.
Naveed Sultan, global head of Citi’s treasury and trade solutions (TTS) business, said: “As mobile technology and business demands rapidly evolve, TTS has met changing client needs with agility, and we continue to drive innovation and deliver services to enable our clients’ success worldwide.”
The software was developed in Citi’s Innovation Lab in Dublin.
“We are proud of the tremendous growth in mobile usage by our institutional clients and crossing this milestone in transaction value,” said Mike Whitaker, global head of institutional clients, group operations and technology, at Citi. “As new technologies emerge, we look forward to continuing to deliver value-add innovation for our clients.”
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With demand from people to use the same technology at work as they do at home, corporate banking is likely to become an increasingly mobile activity, as it has in the retail banking sector.
According to a recent study, mobile services are helping retail banks retain customers and glean more revenue from them.
Banking software company Fiserv carried out a year-long study of 17 finance companies to work out the return on their mobile investments. The research covered 67,000 mobile banking users and found that customers who made use of mobile banking are more likely to take up more of the products offered by their bank – an average of 2.3 compared with 1.3 for people who only use the branch.
The study also revealed that mobile banking users generate more revenue for banks than customers who don’t use mobile banking. Banks made 72% more revenue from mobile users than from branch-only customers, according to the report.