Where Citigroup’s Going, They Don’t Need Roads

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Photo: Michelle Rial

Citigroup is dusting off some old plans to rejuvenate its online banking and Internet services. The dudes at Bloomberg are all excited about it because, internally, the project is called "Bank of the Future," which means they get to refer to CEO Vikram Pandit as the "Marty McFly of banking" and come up with an extended metaphor about how the bank is "reaching to the past to reinvent itself" (though they don't really go all the way with it, like they somehow miss wrapping in how Jamie Dimon, who actually kind of looks like Biff, once called Pandit a jerk on a conference call, and obviously they don't have Photoshop). But what intrigued us was this:

Bankers have long assumed that "people who like online banking have no money, and people with money don't like online banking," said Seamus McMahon, a former regional president for HSBC Holdings Plc's U.S. banking unit. Now "there is a group of people who were in their 20s and are now in their 30s and actually have some money."

Wait: They do? Bankers say that? All this time we thought we loved online banking because of how convenient it was, like it makes it super-easy to move $10 from your savings to your checking account so that your rent check doesn't bounce. We had no idea we actually liked it because we were poor.

Citi Said to Eye ‘Bank of the Future’ With Ex-Travelocity Chief [Bloomberg]