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FREMONT, CA: As the wait for Apple Watch nears its end, Citibank has announced that it will launch a banking app designed for the smartwatch, once the device hits the market.
The introduction of the app, which is called Citi Mobile Lite, can be seen as an attempt to re-introduce personal financial management (PFM) services on mobile devices. The app alerts users about all transaction that help in tracking credit limits through color-coded visuals that represent various degrees of proximity to the limit.
Mary Wisniewski, for American Banker notes that this latest move comes at the back of Moven announcing an app for Motorola Moto360 and Samsung Galaxy Gear watches. The app features a spending meter that changed colors with variation in the wearer’s financial profile.
The other key benefits of the app are that it allows customers to view their account balances and transactions as well as receive real-time alerts on making a payment. Additionally, one of Citi’s opt-in features –Citi Mobile Snapshot –allows customers to view information without having to log into their accounts every time.
Speaking about the move, Heather Cox, Chief Client Experience, Digital and Marketing Officer for Global Consumer Banking at Citi says that the bank is trying to transform the nature of functioning by incorporating technological advances. "Apple Watch users will have access to all sorts of information and services, and if our customers want to check their balance or view a seconds-ago transaction right on their wrist, it is our job to make sure they can," Cox adds.
CIOReview | Event Partner