11:09 (GMT +7) - Saturday 25/11/2017

BUSINESS SPOTLIGHT

Drive to digital

Released at: 15:39, 23/04/2017 Vietnam golden dragon awards & Vietnam Excellent Brand Awards

Drive to digital

Photo: Citi

During 2016, Citi invested further in supporting its digital transformation in Asia in general and Vietnam in particular. The bank pushed forward with a number of digital services aimed at improving the digital experience for both retail and institutional clients in Vietnam.

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, pay their bills, or invest, and for Citi’s institutional clients how they trade, invest, manage their cash, and pay their bills. 

Citi has accelerated its drive into new digital ecosystems to be compatible where many of customers are active, and is investing in the e-banking platform to provide a single, centralized point-of-access to a full range of global cash, trade, liquidity and investment services for institutional clients. Citi wants to make banking easier, faster, and better. 

It has made a lot of progress. In 2016, on average, Citi announced a new digital innovation or partnership fortnightly. Today, more than half of Citi’s Consumer Bank clients use digital channels, with mobile being the fastest growing channel, with 35 per cent growth year-on-year. One out of every four new credit card accounts acquired comes from digital sources and over 50 per cent of Citi’s clients are actively using digital banking channels, up from 30 per cent three years ago.

Measures and investments Citi made in digital in 2016 include: 

Deepening connections with clients via social media, with launches on Facebook, Line and WeChat in seven markets. The Citi Asia social media community has grown from 3 million in 2015 to over 10 million in 2016. 

Launched Citi’s API Developer Portal in December 2016, where more than 1,000 companies have registered and expressed an interest in cooperation. 

Launched the newly-refreshed Citi Mobile App, featuring easy-to-use functionality and interface, such as Snapshot and Touch ID, which has seen over 2 million downloads to date across several Asia markets, including Vietnam.

Launched Voice Biometrics across the region, which has since received more than 1 million sign-ups.

Deepened the digital wallet offering with CitiPay, in response to the explosive growth in mobile adoption by Citi’s customers. Citi’s proprietary mobile wallet numbers in Asia saw 300 per cent growth last year. 

Announced strategic partnerships in leading digital ecosystems with Alipay, WeChat, and Line. Citi also formed credit card digital partnerships with the likes of Amazon, Airbnb, Grab, Uber, Lazada, and Air Asia in various countries across Asia.

Enhanced advisory offerings in our wealth management business through proprietary digital wealth management tools, including Total Wealth Advisor and Portfolio 360. Since its launch, Citi has completed more than 39,000 portfolio reviews. 

For institutional business, Citi is at the forefront of capturing the accelerating shift to electronic trading by institutions, with over half of our FX and Futures, one-third of our Equities, and almost one-fifth of Citi’s Fixed Income volume now accounting for 40 to 45 per cent of its flow business. In electronic Cash Equities, Citi is seeing up to 30 per cent of its clients conducting self-execution trades. 

In Asia, Citi processed more than 123 million e-payment transactions on CitiDirect BE® platforms in 2016, of which $190 billion in transaction value was done on the mobile platform and $7 billion in transaction value on the tablet platform. 

Citi launched MobilePASS, a new digital solution for our Treasury and Trade Services business that enables users to leverage their own smartphones to generate dynamic passcodes without any network connectivity to log into Citi’s award-winning range of institutional e-banking platforms, including CitiDirect BE®, CitiDirect BE® Mobile and CitiDirect BE® Tablet. 
Citi was the first global bank to launch this soft token smartphone solution to multinational corporate clients across 80+ countries globally. In Asia, MobilePASS is now available in Bangladesh, India, Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Sri Lanka, Thailand and Vietnam.

All of these investments and progress have not gone unnoticed. Citi was named “Best Overall Global Digital Bank for 2016” by Global Finance magazine as well as “Best Digital Bank for Consumer Banking” and “Best Digital Bank for Corporate/Institutional Banking”. It was also recently named “Best Digital Bank in Asia” by The Asset magazine.

“These awards are welcome recognition of our progress in digital banking and especially mobile banking services,” said Ms. Natasha Ansell, Managing Director and Citi Country Officer for Vietnam. “In Vietnam, we are seeing strong growth in client penetration and usage across our franchise.”

With all the digital capabilities Citi has available in Vietnam, in 2016, one out of every five new credit card accounts came from digital, 97 per cent of customers have opted for e-Statements, and more than half of Citi’s customers are using Digital Banking services actively.

“Technology and digitization are transforming the way in which we serve our customers,” Ms. Ansell added. “Our priority is to ensure we are offering the best customer experience to our retail and institutional clients and digital banking has become a clear differentiating factor, which will continue to gain prominence in the coming years.” 

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