Citigroup hit the headlines last week with the launch of its brand new initiative, Citi FinTech. Essentially an in-house start-up, Citi FinTech comprises a group of select employees who have been cherry-picked from across the wider business. Together, they will focus on developing prototypes of solutions, such as facial recognition for mobile banking.
The division’s newly appointed CEO, Heather Cox, has even coined a new phrase to mark the launch. She talks about ‘fintegration’ as a way for big banks like Citigroup to win back customers who’ve been lost to the emerging breed of fintech start-ups.