Citi, the fourth largest US bank by deposits,
has launched a text banking service in an effort to update its
mobile banking service and grow its customer base.
The free text banking service offers on-demand
account updates to bank and credit card consumers, including
checking and savings accounts, home equity lines and loans,
personal lines and loans, and mortgages.
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Liza Landsman, managing director of internet
and mobile at the bank’s North America division, said the text
messaging service gives customers an extra way to stay connected to
their accounts.
Although the bank was an early advocate of
m-banking, it has continued to trail behind rival Bank of America’s
(BofA) sector-leading mobile banking customer numbers.
Within a year of the banks launching their
respective m-banking offerings in the summer of 2008, BofA had
signed up one million customers (see RBI
594); by contrast, at that stage, Citi had 20,000.
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