City Bank, a smaller institution with only $1.9 billion in assets, is upgrading its mobile banking services in an effort to compete with its larger competitors. These services include apps with a focus on security, such as one app that allows consumers to disable a lost or stolen debit card from their mobile device. The same app can be used to re-enable the card if it is located.
The security piece is the latest update to the bank’s mobile capabilities, which the bank began expanding aggressively a few weeks ago upon a switch to native apps for Android and iPhone purchased from Malauzai. Browser-based mobile banking is still available through the bank’s online banking platform, which is outsourced to Jack Henry.
Since its launch, the native app has been downloaded by approximately 1,000 customers each week.