19:41 (GMT +7) - Tuesday 27/10/2020

Banking & Finance

Citi named Asia's Best Digital Bank

Released at: 14:39, 27/02/2018 BUSINESS SPOTLIGHT

Citi named Asia's Best Digital Bank

Photo: Citi

Bank recognized by The Asset magazine for its digital progress.

by Doanh Doanh

Citi has been recognized as Asia’s Best Digital Bank by The Asset magazine, with its digital progress acknowledged as contributing to a strong year of growth for the bank’s consumer franchise.

Citi’s Asia Pacific Consumer Bank ended the fourth quarter of 2017 sustaining its growth and profitability, with a sixth consecutive quarter of revenue growth. For 2017 as a whole, Asia-Pacific Global Commercial Banking revenues were up 7 per cent to $7.3 billion and net income was up 16 per cent.

“Citi continued to enhance its digital offering by developing intuitive tools to serve customers across its footprint and saw a significant number of digital onboarding acquisitions, with many clients using its various digital channels,” The Asset said in its editorial write-up.

Citi invested further during 2017 in supporting its digital transformation in Vietnam. The bank pushed forward with a number of digital services aimed at improving the digital experience for its Vietnamese retail clients. The rapid adoption of mobile and other digital channels has transformed how and where Citi’s retail clients bank, sign up for cards or loans, and pay their bills.

Ninety-seven per cent of customers in Vietnam have opted for e-statements. The country also saw 78 per cent year-on-year growth in 2017 in downloads of the Citi Mobile ® App and customers show strong engagement, with those who actively use the app increasing 87 per cent year-on-year. Digitally-acquired cards grew 29 per cent year-on-year, underpinned by Citi’s digital investments and growth in partnerships in leading digital ecosystems.

“In Asia-Pacific we have accelerated efforts to transform our Consumer Bank model from analogue to digital to be relevant to our clients in all our 17 markets, with focused investments in digital, data, and our wealth model,” said Anand Selva, Head of Asia Pacific Consumer Banking. “Our performance and this recognition is the result of our strategy to reallocate resources for client-centric growth, delivering simpler, relevant, personalized and digital client experiences.”

Citi in Asia draws some 20 million visits to its online Consumer Banking properties every month. Between 90 and 95 per cent of transactions already happen outside a branch.

The leading global bank, Citi has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. It provides consumers, corporations, governments, and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

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