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Banking & Finance

Citi named Asia's Best Digital Bank by Euromoney

Released at: 10:16, 24/07/2019 BUSINESS SPOTLIGHT

Citi named Asia's Best Digital Bank by Euromoney

Photo: Citi

Citi making major progress in digitization in both its Global Consumer Banking and Institutional Clients Group businesses.

by Doanh Doanh

Citi’s Asia franchise was recently recognized as the region’s Best Digital Bank by Euromoney in its 2019 Awards for Excellence program.

As Best Digital Bank in Asia, Euromoney lauded the significant progress Citi is making on the digitization front across both its Global Consumer Banking and Institutional Clients Group businesses.

The publication also recognized Citi’s “ability to integrate itself into the lives of its customers at every level through a string of partnerships across the region,” including Grab, Apple, Spotify, and Paytm.

Euromoney also made a point of recognizing that Citi’s apps are “pretty cool”, with capabilities that deliver value add to customers, including the bank’s 7.5 million digitally-active customers across Asia and over 5.4 million mobile active customers.

In Vietnam, Citi was exceptionally proud to be the first bank to introduce Voice Biometrics technology. In 2018, Citi Vietnam also became the first globally to accomplish the milestone of 100 per cent penetration with clients for e-Statements.

“We are honored to receive this recognition,” said Mr. Gonzalo Luchetti, Asia Pacific and EMEA Head of Consumer Banking. “The Consumer Banking business in Asia continues to transform with a light physical and high digital strategy and we remain committed to giving our clients the best experience. Using digital, we are empowering our clients to bank through the channels they prefer and in a manner that is simpler, more convenient and easily accessible.”

The award also noted Citi’s digital progress across its institutional businesses.

The introduction of a mobile app version of CitiDirect BE - Citi’s banking platform for institutional clients - coupled with biometric authentication was the digital highlight Euromoney singled out from the Institutional Clients Group. In Vietnam, in April, Citi launched biometric authentication for institutional clients, who can now use fingerprint or facial recognition to access their CitiDirect BE Mobile App. In 2018, Citi was also the first bank in Vietnam to offer Virtual Card Accounts, a next-generation global digital payments solution.

“Beyond consumers, digital innovation is also instrumental in institutional, corporate, and wealth businesses, and helped the Treasury and Trade Solutions (TTS) team win the transaction services award this year,” Euromoney said.

Citi Asia Pacific reported a 4 per cent year-on-year increase in revenue to $4 billion, contributing to around 20 per cent of Citi’s global revenue. Net income over the same period grew 17 per cent year-on-year to $1.25 billion.

The Consumer business in Asia-Pacific (which covers 12 markets in Asia and five in EMEA) saw 3 per cent growth in revenue to $1.9 billion, and the Institutional Clients Group grew its revenue by 6 per cent to $2.09 billion.

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