Kristin Moyer

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Kristin R. Moyer
Research Director
11 years at Gartner
18 years IT industry

Kristin Moyer is a research director in Industry Advisory Services/Banking and Investment Services. She has more than 17 years of experience across the global high-technology industry in a variety of roles. Ms. Moyer's research coverage includes card… Read Full Bio

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Before Banks Spend to Develop Mobile Applications, They Need to Think About Corporate Strategy and Resources

by Kristin Moyer  |  May 21, 2009  |  1 Comment

David Schehr here. Citigroup has just announced a new mobile application for trading foreign currency (FX trading) via an iPhone or similar Apple product. While many are intrigued by the range of uses for these devices, this particular development has me scratching my head a bit.

 

Why? Because Citigroup has been through a great deal over the past year or so, and their troubles are far from behind them. In such a situation, it would seem that every effort of the organization should focus on strengthening the core of the business and promoting long term success. Promoting foreign exchange services via mobile doesn’t seem to fit those goals. The vast majority (98%) of FX trading is institutionally based.  For professional investors/traders, less latency than will exist on a consumer network/device and better audit trails would both be required for a saleable solution.

 

So that leaves a very small niche of individual investors who trade currency directly. These traders are more in line with the types of customers serviced by large and small discount brokers. I just called the four largest discount brokers (Schwab, Fidelity, E-Trade and Ameritrade). Not one of them offers direct FX trading (Some do offer derivatives/futures, but we’re talking about the cash markets here). So if the firms that play to the hard core of active and self directed retail investors don’t offer FX trading (let alone via a mobile device) where is the Citi market?

 

For more on Mobile Financial strategies, take a look at this post below: Twitter: Going Beyond Chatter to Integrated Customer Service Tool

1 Comment »

Category: Customer Executive Decisions     Tags: , , , , ,

1 response so far ↓

  • 1 chuck-t   May 22, 2009 at 2:14 am

    If one looks at this devewlopment as a technical solution to an existing business service, hoping to generate greater turnover, it is dumb.

    But if it is embracing Mobile Applications as the next advertising opportunity for talking the those priviged LSM’s then it may not be such a bad idea.

    A cool branded app. for all smart phones may work in their favour?