Citi is expanding its mobile repertoire with the launch of a Kindle Fire application that lets consumers track, analyze and plan their finances.The Citibank Kindle Fire app lets consumers access their finances no matter where they are.
In addition to the new app, Citi has also rolled out two additional mobile banking capabilities, mobile check deposit and Citibank Popmoney.
Through the Mobile Check Deposit feature, consumers can take photos of the front and back of their check and submit it for verification.
The Popmoney feature lets users send money through the Citi Mobile app to people they have set up as payees on Citibank Online.
There's a broader question bankers themselves, and others in the mobile commerce space, always ask. Namely, what is the return on such investment? The key problem for a bank is that it is not clear whether a bank actually grows its revenue when it invests in the mobile channel.
It might be a key cost of doing business. There should be some benefits in terms of customer satisfaction, stickiness and churn retention. There could be some operating cost implications. But it remains unclear how big those effects might be, in terms of revenue.
The problem is akin to the similar issue telecom service providers face when offering voice over Internet Protocol services that displace older voice services. The problem is that incumbents typically have found they cannibalize the older services with the new, investing heavily in return for less revenue.
Bankers might find something similar is the problem with mobile commerce, banking and payments. Citi Kindle Fire App
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