Channels

07:10 PM
Jonathan Camhi
Jonathan Camhi
Slideshows
Connect Directly
Facebook
Twitter
Google+
RSS
E-Mail
50%
50%

4 Key Trends From the Citi Mobile Challenge

Presenters at the Citi Mobile Challenge demo day demonstrated how mobile is changing financial services.
Previous
1 of 5
Next

Banks can struggle to innovate sometimes, given their legacy systems, regulatory requirements, budget allocations, and tendency to avoid risk. So Citi is reaching out for some innovation help. It is starting to open its APIs to developers, enabling them to create solutions to benefit the bank and its customers. By putting some roots in the developer community, the bank is turning away from a traditional, proprietary IT approach, and it hopes to deliver new innovations faster to its clients.

Looking to build connections with developers, Citi hosted a mobile-centric hackathon, the Citi Mobile Challenge, and demoed solutions from 64 contestants in three different cities this week. The solutions that were demoed will be broken down into categories, with judges (from Citi and other organizations) selecting two winners from each category. Citi will then work with each winner to launch the solutions as part of its mobile offerings.

"This event helps us build contacts at firms that are tapped into developer communities, and bring in companies that are not typical for us to work with," Melissa Stevens, director of mobile and Internet for Citi, said at the event. "We understand that the developers are part of the solution. They can bring in new ideas, and they have a different way of thinking about things" than bankers do.

 

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

Previous
1 of 5
Next
Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Kelly22
50%
50%
Kelly22,
User Rank: Author
12/1/2014 | 1:15:57 PM
Re: loyalty programs
Exactly! I'm reminded of a Dunkin Donuts promotion from a few months ago - they were offering $.99 iced coffee for people who paid with mobile apps. While taking full advantage of that, I noticed that I was accumulating points with each mobile purchase, which could add up to another free beverage. Freebies/discounts definitely provide incentive to pay with mobile.
Jonathan_Camhi
50%
50%
Jonathan_Camhi,
User Rank: Author
11/30/2014 | 10:12:15 PM
Re: loyalty programs
A lot of payments experts say that offering rewards is the key to getting more people to pay for things with their mobiel deivces. Apparently they've got you pegged, Becca.
Becca L
50%
50%
Becca L,
User Rank: Author
11/29/2014 | 3:37:43 PM
Re: loyalty programs
There are so many unused reward points out there. I would guess the great majority of consumers aren't even aware they're accumulating points with some of their accouts/cards, and even if they are - what are these points good for? Apps that remind people that they have "free" money to spend - and shows them where/how - is a great move for brand, and increasing loyalty.
Becca L
50%
50%
Becca L,
User Rank: Author
11/29/2014 | 3:33:22 PM
Re: loyalty programs
Wow, I've never done that, but would love to be rewarded for mobile payments. 
Kelly22
50%
50%
Kelly22,
User Rank: Author
11/26/2014 | 12:13:44 PM
Re: loyalty programs
That's true. I don't pay with mobile often, but there have been times when I've been loyal to certain brands because they offered great rewards for paying via mobile.
Jonathan_Camhi
50%
50%
Jonathan_Camhi,
User Rank: Author
11/26/2014 | 10:01:05 AM
Re: loyalty programs
Yeah the loyalty solutions that were demonstrated all seemed like no-brainers. So many loyalty programs are so similar now. Organizations should be looking for ways to differentiate, and provide new benefits and experiences. Mobile would be a natural way to do that, like you said Nate.
Nathan Golia
50%
50%
Nathan Golia,
User Rank: Author
11/25/2014 | 9:36:15 PM
loyalty programs
Loyalty seems like low hanging fruit for mobile innovation in banking. People always have their phones with them, especially at their favorite merchants. Rewards will encourage them to leave the wallet at home and pay by phone when possible.
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology
BS&T's 2014 Elite 8 executives are leading their banks to success, whether it involves leveraging the cloud, modernizing core systems, or transforming into digital enterprises.
Slideshows
Video
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.