Citigroup Inc (NYSE:C) wanted to partner with Apple Inc. (NASDAQ:AAPL) so much for their new Apple Watch, it created an application from idea to the actual app up on the Apple App Store in just three months.
That’s according to Heather Cox, Citigroup Inc (NYSE:C)’s global consumer bank head of digital in an interview with Bloomberg, who also says that the new Apple Inc. (NASDAQ:AAPL) watch app will be very useful to the bank’s customers.
“We believe people want access to data, their own data, [at] any time [and] any place and what better way than [to] try and approach banking from a glance. […] So when Apple announced the watch, we got really excited and we moved fast. In fact, from idea to actually having the app on the App Store was 120 days,” Cox says.
According to Cox, one of the core premises of Citigroup Inc (NYSE:C)’s entire mobility strategy is to enable users to get their data when and where they want. The new Apple Inc. (NASDAQ:AAPL) watch app developed by the banking giant is going to give customers access to the transactions they use most like their balance and recent transactions as well as real-time credit card notifications.
The Citigroup Inc (NYSE:C) executive says that people will not automatically get the Citi Mobile Lite application when they buy the new Apple Inc. (NASDAQ:AAPL) timepiece. However, she adds that the application can easily be downloaded from the App Store.
“Wearables are just the next evolution of mobility. […] It’s hard to predict the future, as Yogi Berra says, it’s a hard thing to predict especially the future, [but] we realistically, believe that wearables is just the next evolution. This whole notion of mobility is not really about your phone, it’s about getting you the data when and where you want in real time,” Cox adds.
Cox also says that it’s not certain at the moment whether they will enable payments on the Apple Watch but if there is a demand for it, they will consider enabling payments on the new wearble.
David Einhorn’s Greenlight Capital owned about 8.61 million Apple Inc. (NASDAQ:AAPL) shares by the end of last year’s October to December quarter. Seth Klarman’s Baupost Group owned about 102.63 million Citigroup Inc (NYSE:C) shares by the end of the same period.
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