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...everyone agreed, and Prince pushed aside James Cayne of Bear Stearns--the investment bank that started Wall Street's summer of pain when two hedge funds it managed nearly imploded in June--as the subject of the industry's most feverish when-will-he-go talk. Citi was far from alone in its troubles. BofA (profits down 32%) and Wachovia (down 10%) had bad quarters too, as did investment banks Morgan Stanley (down 7%) and Merrill Lynch (which recorded a loss...
...electronic wallet got one step closer to reality on Monday when Citibank unveiled a cell-phone-based service that lets customers pay bills, check their account balances and transfer funds, regardless of which wireless carrier they use. The free program, Citi Mobile, will be available for customers in Southern California via download this week at Citibank.com and will go nationwide this summer. AT&T, Sprint and Verizon customers can start using the program this week, with other carriers and a Spanish-language version out later this year. "We're changing. Banking is changing," said Citigroup CEO Chuck Prince...
...Unlike last week's announcement by AT&T, in which Wachovia and other banks launched their own mobile-banking applications in partnership with the country's largest wireless provider, Citibank customers can access Citi Mobile from any carrier on over 100 handsets ranging from the BlackBerry to the RAZR. Bank of America launched a smaller mobile banking offering in Tennessee last month, and says it will take the service cross-country by year...
...prime concern for potential users is security, which Citi Mobile protects in three ways. First, each time customers access their account by phone, they must enter a six-digit personal identification number (PIN). Second, no personal data, including account numbers, are ever stored on the phone. And finally, all information sent between the phone and the bank has 128-bit encryption. While a cell phone virus could still circumvent such security in theory, it has yet to happen even in countries where mobile banking is already widely used...
...That may be why Citibank, the number four retail bank in the U.S., chose to launch its application without partnering with a carrier. The downside of this strategy is that the onus will be on the user to download the application, and even once they do, the Citi Mobile icon will be hard to find since it will be buried inside menus on each phone. When Wachovia launches its mobile-banking service later this year, on the other hand, its icon will get prominent placement on AT&T branded phones...