There was once a day when Citigroup (NYSE:C) was a leader in retail branch technology. But that heyday has long passed. Esteemed CLSA banking analyst Mike Mayo is more than happy to drive home the point.

In a recent report to clients, he wrote that the bank's branches are beset with woes, "including ATM technology that, in our view, is a generation behind, systems that do not adequately connect customer information globally, firm-wide capex that is only one-fourth the level of HSBC, and legacy branches that are in need of upgrades or even more basic services."

The report singled out one Manhattan location that offers a "group of five ATMs in a dark and dirty space. The ATMs are inside, tough to find (no signs to point out), and wedged in a corner, where a light bulb has literally remained out for two months, highlighting the extent of Citi's execution task."

In noting the report, a MarketBeat writer piled on with his own criticism. "I'm a Citigroup customer, and have often been struck by the fact that many of ATM areas at branches in Greater New York combine all the charms of a Port Authority bathroom with the heady atmosphere of a OTB betting parlor," he said.

All of this contrasts with the cool approach Citi has created in its labs. The bank has plans to invest fairly heavily in consumer banking, but it will take a lot of time to turn the vision into reality.

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