PRESS RELEASE: Citi Convenes Developers from around the Globe to Unveil Innovative Digital Banking Solutions

Tuesday, November 11, 2014

NEW YORK, Nov 10, 2014 (BUSINESS WIRE) — Today Citi kicked off the first presentation event for Citi® Mobile Challenge, a groundbreaking global initiative that invites technology developers to reimagine digital banking and fuel innovation in the industry. Participants will present solutions for mobile apps and interconnected devices, including wearables, this week in Miami, New York and Silicon Valley. These concepts will be evaluated by a group of Citi executives and technology influencers with the potential to bring winning solutions to market.

Citi surveyed Citi Mobile Challenge participants to ask their perspectives on financial technology innovation. 76 percent believe the biggest opportunities in financial technology are leveraging banks’ large customer bases or their investments in emerging technologies. In addition, 67 percent of the developers cite existing business models or regulatory and legal barriers as the biggest challenges facing financial innovation. At the same time, 88 percent of those surveyed see potential for financial innovation with wearables and the Internet of Things, with 70 percent saying there is “a lot of potential” in this space. The Citi Mobile Challenge resonated with participants, with 42 percent noting that they do not believe banks are doing enough to innovate and keep up with other industries.

Source: MarketWatch (link opens in a new window)

financial inclusion, social enterprise