Citizens Bank has decided to take their customer service to the next level with its new nationwide Direct to Consumer Digital Platform. Essentially what it offers is FDIC-insured deposit products to serve an increasing number of savers who value the flexibility and convenience of online banking. Their plan to expand distribution and meet customer needs involves providing a digital deposit offering with attractive rates and in a lower cost format to help save for the future in a superior way. If you’re interested in learning more about what Direct to Consumer Digital Platform has to offer then keep on reading! For more Citizens Bank bonuses, offers, and promotions, check out our full list of Citizens Bank Bonus Promotions.
New Changes
Here are some words from Citizen Bank that may get you excited on what’s to come:
- “The planned launch of Citizens Access represents a step forward for Citizens as we seek to expand our distribution to meet consumer needs,” said John Woods, Citizens Chief Financial Officer. “Sourcing deposits nationwide is a perfect complement to our attractive retail lending initiatives, such as education refinance, merchant finance and home equity. We expect Citizens Access to further diversify our funding sources by targeting savers who often choose to add digital-only offerings to their existing retail banking relationship and are actively seeking online alternative savings solutions.”
- “We believe that Citizens Access will provide digitally-savvy savers with a winning combination of simplicity, security and attractive rates,” said Brad Conner, Citizens vice chairman and Head of Consumer Banking. “Over the past several years, we have invested heavily in data and analytics to better understand and react to customer needs, and we are excited to engage with them in one of our industry’s fastest growing deposit channels. Over time we believe this will better position the bank to further innovate, acquire new customers and deliver expanded digital capabilities. We look forward to providing an exceptional customer experience through this digital platform as we continue to help customers reach their potential.”
Disclaimer
While Citizens Bank certainly hopes that everything will go smoothly, they can not guarantee that their projections will be accurate. Following are some reasons that might cause results to differ from what was expected:
- Negative economic and political conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of nonperforming assets, charge-offs and provision expense;
- The rate of growth in the economy and employment levels, as well as general business and economic conditions, and changes in the competitive environment;
- Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals;
- Our ability to meet heightened supervisory requirements and expectations;
- Liabilities and business restrictions resulting from litigation and regulatory investigations;
- Our capital and liquidity requirements (including under regulatory capital standards, such as the U.S. Basel III capital rules) and our ability to generate capital internally or raise capital on favorable terms;
- The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;
- Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets;
- The effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;
- Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services;
- A failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber-attacks; and
- Management’s ability to identify and manage these and other risks.
Conclusion
Overall, the Direct To Consumer Digital Platform should be a great addition to the features that Citizens Bank has to offer. It offers FDIC-insured deposit products to serve an increasing number of savers who value the flexibility and convenience of online banking. However, keep in mind that this platform will most likely not be available until the third quarter. Until then, keep an eye out! If you are interested in putting extra dollars in your wallet, be sure to check out our Best Bank Bonuses.