Shergill told Reuters in an interview that adding those capabilities is “obviously on our radar” and that Bundle is “evaluating options” for how to expand. For example, Bundle does not allow users to look at multiple bank balances, pay bills, or shop for new financial products. It is run by former Citigroup Executive Vice President Jaidev Shergill, who developed it at the bank’s growth ventures unit.īut Bundle does not provide all of the personal finance tools that Citigroup hopes to offer, according to the people briefed on the bank’s PFM discussions. Microsoft Corp MSFT.O and Morningstar Inc MORN.O were also investors.īundle offers consumers a opportunity to compare their spending habits with those of other consumers, using data from the federal government and Citigroup’s credit card unit. In January, Citigroup said it had invested in another online personal finance website,. But the bank shuttered myFi a year ago, after it sold a majority stake in Smith Barney to Morgan Stanley MS.N. In 2008 it launched myFi, an early attempt at offering online financial advice to customers who had less than $250,000 in assets with its Smith Barney brokerage unit. The company has made multiple efforts to develop some sort of personal financial management product. But the bank is also shedding businesses like consumer finance, which tend to focus on poor customers. MONA LISAĬitigroup’s discussions on PFM software are another sign of the bank’s willingness to invest carefully, even as it tries to shed some $500 billion of assets.Ĭitigroup is expanding assets it considers to be part of its main banking business, including its consumer banking businesses in Latin America and Asia and its global transaction services unit. He would not name any of the banks or comment on whether he has had conversations with Citigroup. The ability to manage one’s complete financial life in a single spot could help the bank draw younger depositors who don’t care if they never step into a branch and who want to simplify their financial profiles, analysts said.Įric Connors, who sells PFM software to banks as the head of products at Yodlee Inc, said he has recently “been at almost all of the top banks, talking to them about a personal finance management strategy.” The strategy could help the bank sell more products to existing customers, a goal many banks embrace but few meet. For example, Mint will compare a user’s credit card to a different card that offers a better interest rate or better rewards.įor Citigroup, a PFM site could help the bank pitch its cards and checking accounts to customers. The website also says it helps users save money with budgeting tools and by advertising and comparing financial products. Mint allows customers to check multiple financial accounts simultaneously and to set financial goals. Gaining younger customers without new branches can help Citigroup cheaply make up for the fact that it has only about 1,000 North American branches, far fewer than JPMorgan Chase & Co's JPM.N 5,000 and Wells Fargo & Co's WFC.N 6,600.Ĭitigroup spokeswoman Natalie Riper would not comment on any plans for a new personal financial management venture. But gathering more deposits has historically meant building branches or buying them, both expensive propositions. The bank wants to increase its funding from deposits, a more reliable source of funds than bond markets. branch footprint, it makes sense for Citigroup to buy a PFM company, analysts said. banks surveyed are considering some sort of PFM product.īank of America Corp BAC.N and PNC Financial Services PNC.N have some of the most advanced tools of large retail banks, said Mark Schwanhausser, a senior analyst at the consulting firm Javelin Strategy and Research.īecause of its comparatively limited U.S. A February Aite Group report found that half of the U.S. “There’s absolutely huge interest in this,” said Ron Shevlin, a senior analyst at consulting firm Aite Group LLC. Although the bank is trying to focus on wealthy urban clients globally, it is also hoping to draw deposits from younger customers who can be served cheaply online. Investing in a personal finance website is a small but important part of Citigroup’s effort to revitalize its retail operation, long an industry laggard. Citigroup expects to pay just a few million dollars for competing software. Mint is the industry leader with the most robust service. Intuit Inc INTU.O bought Mint for $170 million last year after trying and failing to develop its own personal financial software service. The software became popular mainly thanks to, a budgeting website that now has 3.5 million users.
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