In an exclusive interview, Chris Powell, head of deposits and customer engagement at Citizens, discusses how open finance is facilitating easier payment management and mobile transactions.
This week, Citizens has introduced two new features including a method for users to update their saved payment methods across popular billers, subscriptions, and online retailers. Citizens is the first major bank in the U.S. to enable customers to manage payments seamlessly with their debit cards or checking accounts.
The focus is on significantly reducing the time required for users to update payment methods or set up direct deposits. With the new switch payments capability, customers can directly manage their payment methods for services like Netflix, Amazon, Spotify, Lyft, and Verizon.
Users can select either a Citizens debit card or checking account for recurring payments. This allows them to easily update their card information for major bills and subscriptions directly within the app, as well as address issues related to lost or stolen cards without manual updates.
Additionally, Citizens has rolled out a direct deposit feature, enabling users to efficiently change where their paycheck is deposited without paperwork or employer coordination. The integration with payroll providers allows users to redirect part or all of their paycheck to their Citizens accounts in just a few taps.
Powered by Mastercard’s open finance technology, these features are incorporated directly into the Citizens mobile app, enhancing customer control over payments and receipts.
In his conversation, Powell emphasizes that these innovations reflect the bank’s commitment to customer-centric solutions. He notes, “This launch extends our dedication to innovation focused on our customers. While no significant internal changes were necessary, introducing a feature like Switch Payments required us to listen closely to our customers and build with empathy.”
Powell explains that addressing customer pain points related to recurring payments and bank switching was essential. The result is a mobile-first experience that allows customers to manage everything from paychecks to subscriptions easily.
Regarding performance indicators for these new features, Powell shares that the emphasis is on delivering genuine value and minimizing friction. Early indicators show improved conversion rates and engagement; for instance, removing two required customer actions has led to higher completion rates. A dedicated landing page has also contributed to over a 10% increase in direct deposit setups by highlighting benefits like early pay and automatic switching.
Powell asserts that these features are designed for today’s consumers who prioritize convenience, control, and intuitive design. “From our streamlined user experience to our education-focused landing page, we’re creating a functional and confidence-building experience that promotes customer retention and loyalty,” he expresses.
Looking ahead, Powell discusses the evolving landscape of open banking regulation in the U.S. He states, “Customers should have control over their financial data, with secure and straightforward access.”
Citizens has developed an open banking API allowing customers to connect their accounts with everyday apps and platforms, supporting the mission of open banking and placing customers at the center of their financial journeys.
“Our commitment remains focused on creating secure, customer-first experiences that discard outdated methods and foster a more interconnected financial ecosystem,” Powell concludes. “Regardless of regulatory changes, our dedication to transparency, access, and innovation will persist.”