Citibank takes financial services online.
Published:
18 August 1999 y., Wednesday
Citibank launched its Citi f/i Web site this morning, becoming the latest company to offer a one-stop shop for financial services. Citi f/i offers checking and savings accounts, stock trading, online bill payment, stock quotes, and financial news. Citibank_s entry into the online financial services world comes as traditional banking and investment players move into each other_s turf on- and offline. In June, BankOne launched its Wingspanbank.com financial service and last week, Wells Fargo announced that it would be expanding the services offered by its online bank. Meanwhile, American Express debuted its own online bank last month, and E*Trade Group jumped into online banking in June with its acquisition of Telebank. Citibank already has an online banking site for current customers. However, unlike other national banks such as Wells Fargo or Bank of America, Citibank does not have an extensive branch network. Analysts expect Citibank to use Citi f/i in place of a branch network to help it establish a national presence and draw in new customers. Noticeably absent among Citi f/i_s current products are mortgages and credit cards. The site directs customers interested in those products to call one of several 1-800 numbers. Citibank spokesman Mark Rodgers indicated on Friday that the company plans to expand the Citi f/i site far beyond its initial offerings.
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