Innovation Blog




As the thirteenth largest retail bank in the United States, Citizens Bank delivers a broad range of financial services and products to over five million individuals, companies, not for profits, and institutions. Our vision is to always be a top-performing bank distinguished by its customer-centric culture, mindset of continuous improvement, and excellent capabilities. We serve our customers through our Consumer Bank (households and businesses up to $25 million annual revenue) and our Commercial Bank (larger corporations and institutions).

Citizens’ ability to enhance the customer experience through advanced and reliable technological development has positioned the Bank to bring scalable and intuitive technology to the market. As a bank looking to the future, we believe the key to technological innovation is providing access to capabilities that customers need, in a rapid and efficient manner.  As part of this enterprise-wide strategy, our partnership with MassChallenge Fintech is paramount. Together with our future startup partners, we are looking to accelerate Citizens’ problem-solving capabilities and bring banking to the future. 


For the MassChallenge Fintech 2021 program, we are excited to present the following challenges:

1) Digitization and Operational Efficiency  

Digital channels have provided a better way to help manage the expectations of our customers and enable our colleagues to provide quality service. Each day, thousands of consumers and businesses interact with Citizens through digital and digitally-assisted channels. Yet as we look to scale our digital footprint, both within our existing markets and beyond, we have found numerous areas where we can digitize our processes, leading to increased cost efficiency and insights on how to provide more value to our customer base. The success of these multidimensional digital channels has led us to explore additional ways to help our customers become increasingly digital and to best serve them in this capacity. Some of the areas of interest include:

  1. “Going Paperless”- How can we enhance Paper-Based processes and make them digital?
  2. Internet-of-Things (IoT)-How can we deploy IoT to drive operational efficiency both at our offices and our branches?
  3. Data Collection and Analysis-How can we learn more about our customers and utilize data to drive decision making?
  4. Operating Model Optimization-As a bank, how can we help our colleagues be more efficient in their day to day operations?

As we look to enhance our customer experience, what creative ideas and solutions can you bring?

2) Technology Advancement & Automation 

As our customers are increasingly moving to digital modes of interaction and communication, our business lines and support functions across the enterprise rely on digital & technological solutions to power various applications and services. This increased digital engagement from both customers and colleagues has enabled Citizens to find and invest in new ways to enhance and automate certain aspects our technology.  Furthermore, this allows for greater flexibility across the enterprise to scale and create new products and services.  A few areas of interest include:

  1. Cloud Management and Migration Capabilities
  2. Automation Capabilities including optimization of Standard Operating Procedures (SOPs) and Development Operations (DevOPS)
  3. Optimizing update of legacy systems and integration with novel systems
  4. Remote Diagnostics and Troubleshooting Capabilities


Citizens Bank is excited to meet the startups applying for the third year of MassChallenge FinTech. Throughout the program, we have provided Fintech startups with a platform to tackle unique and pressing business problems and an opportunity to bring their solutions to the forefront.  As a Founding Partner of MassChallenge FinTech, Citizens has been at the forefront of working with startups and mentoring them in various areas such as technological direction and market validation.  As a bank that has consistently supported small businesses and startups through many initiatives, including the Payroll Protection Program (PPP) and the Citizens Bank Small Business Recovery Program, we are committed more than ever to partner with innovative groups to bring the best experience to our customers and colleagues.

As we accelerate our digital & technological transformation, how can your company help us create and enable a better digital landscape for our customers and colleagues? 

We welcome your interest in MassChallenge FinTech and in working with Citizens Bank to address these monumental challenges. We are excited to meet and work with you. 

Start your application for MassChallenge FinTech today!

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