Citigroup Inc. released its 3Q earnings report today, and, unusually for a big bank, does not discuss mobile or online banking numbers in the release.
JPMorgan Chase, Wells Fargo, and Bank of America all list mobile and online figures in their quarterly reports, and have for the past year.
Bank of America’s Mark Warshawsky recently gave Bank Innovation a figure of 14 million mobile bankers, with 50,000 being added every week. In their latest earnings releases, Chase and Wells cited figures of 14.99 million and 11.5 million, respectively.
It could be that Citi is not happy with its own numbers, but it’s also worth noting that digital banking’s impact on the bottom line is almost nonexistent compared to Citi’s other operations, which span the globe.
Yet the New York-based bank offers at least 15 different mobile apps for both iOS and Android. Back in Q1, Bank Innovation estimated about 2.9 million mobile users for Citibank. If the bank is seeing anything like the 30% Q-o-Q growth its competitors are, it could well have topped 6.4 million mobile users by now — but the bank isn’t talking.
Digital banking numbers may be mentioned on the earnings call. If so, we’ll include that information here.
Citigroup reported revenues of $17.9 billion and net income of $3.2 billion in the 3Q release.