In an exclusive interview with Finextra, Chris Powell, head of deposits and customer engagement at Citizens, reveals how open finance has powered simpler switching and streamlined mobile payments.
This week, Citizens has launched two new features. One of which is a new way to update saved payment methods across popular billers, subscriptions, and online retailers.
Citizens is the first large bank in the US to help customers manage payments in one place using their debit card or checking account.
The primary focus has been on reducing the time it takes a user to update payments methods or set up direct deposits. With Citizens’ new switch payments capability, customers can update payment methods directly with the likes of Netflix, Amazon, Spotify, Lyft and Verizon.
Users can also choose between a Citizens debit card or checking account for recurring charges, seamlessly update their card-on-file for top bill payments and subscriptions in the app, as well as manage issues related to lost or stolen cards without having to manually update payment account details.
The bank also rolled out a direct deposit feature where users can update where their paycheck is deposited.
This gives customers a more efficient way to update where their paycheck is deposited without paperwork or employer coordination. With the Citizens app integrated with payroll providers, this feature allows users to redirect all or part of their paycheck to their Citizens accounts in a few taps.
With Mastercard open finance technology, these features have been integrated directly into the Citizens mobile app and allow customers to take greater control over how they make and receive payments.
In conversation with Finextra, Chris Powell, head of deposits and customer engagement at Citizens, highlights that these new announcements align with the bank’s greater philosophy. “This launch is a natural extension of our long-standing commitment to customer-centric innovation. While no major internal shifts were required, bringing a market-first capability like Switch Payments to life did require us to double down on listening to customers and building with empathy.”
Powell adds: “We took a deep look at the friction points customers face when managing recurring payments or switching banks. That insight led us to design a solution that goes far beyond basic direct deposit switching. With Switch Payments, we’ve delivered a fully integrated, mobile-first experience that empowers customers to update everything from paychecks to subscriptions, all in just a few taps.”
When asked what performance indicators or behavioural signals are being used by the bank to measure the success of these new features, Powell mentions that the priority is ensuring that they deliver real value and reduce friction.
“For Switch Payments and Direct Deposit, we’ve seen strong early signals tied to improved conversion rates and increased engagement. For example, eliminating two customer action-required screens from the experience has led to a noticeable lift in completion rates. We’ve also introduced a dedicated landing page that outlines key benefits like early pay and automatic switching, which has helped drive a more than 10% increase in direct deposit setups.”
Powell reiterates that these features are built for today’s customer: those who value convenience, control, and intuitive design, and simplifying pinpoints by removing key barriers. “From our streamlined UX to our education-driven landing page to offering multiple setup paths, we’re creating an experience that’s not only functional, but also confidence-building and that drives both retention and loyalty,” Powell adds.
Looking to the future and considering discussions around open banking regulation in the US otherwise known as 1033, Powell concludes that “customers should have control over their financial data and that access should be secure, simple, and consent-driven.
“We’ve built an open banking API, that enables customers to link their Citizens accounts to the apps and platforms they use every day, from budgeting tools to payment services. This aligns with the spirit of open banking and puts customers at the center of their financial lives.
“Our focus remains on building secure, customer-first experiences that eliminate outdated practices and support a more connected financial ecosystem. While regulation may evolve, our commitment to transparency, access, and innovation will stay the same.”