[Sponsored Report] Citibank is at the forefront of digital finance

Citibank rolled out its next-generation consumer banking strategy last year to provide the best services to keep up with changing digital and financial service circumstances. The strategy strengthens digital channels, including mobile and internet networks, as trade channels expand, and it offers high-quality services for wealth management, where demand is increasing. The company’s main goal is to have over 80% of new customers use digital banking by 2020 and make them active digital banking users.

In order to improve its digital capacity, Citibank eliminated certifications, simplified transaction processes and provided Snapshot services for users so they can check their account details with the Citi Mobile App. Citibank’ mobile app received the highest average rating of 4.62 out of 5 stars on app stores from more than 10,000 users due to its one-app policy and very simple user interface, while other bank apps, including internet banks, were rated less than 4 stars. In 2017, the app demonstrated its innovation and convenience as a new internet banking platform and reinforced its virtual channel capacity by launching professional, centralized consultation centers. The bank is also establishing a new organization for analyzing and testing digital user data and examining new technology to operate an innovation lab. The bank additionally checks services and deals and examines the progress of deals to resolve any inconveniences to users.

Citibank has been working on a project to enhance digital services for wealth management customers since 2017, and it is rolling out services in stages. As for 2017, wealth management customers can check their asset status through digital services, and accessibility has been improved.

Citibank recorded a double-digit increase in its number of digital users compared to a year ago. Digital services are steadily increasing in popularity, and over 65 percent of wealth management customers use digital services. The Citi Mobile Bank and New Inter Banking were recognized and rewarded for their innovative features. They received the Minister of Science, ICT and Future Planning Award, the award for the No. 1 app of 2017 from Korea Inno-Star Mobile Bank, the grand prize in the Smart App Award-Bank field, the Excellence Prize from Web Award Korea and the grand prize in Mobile Award Korea-Finance for two years in a row. Furthermore, Citibank received this year’s Mobile Banking and Best Digital Bank awards from Asian Banking & Finance and Global Finance Magazine.

Citibank is planning to create a next-generation communication system using its App PUSH technology and global customer management system in the second half of 2018. Customers can receive alerts about financial transactions, including bank statements and card approval records, in real time. Also, through analyzing users’ financial activities, the bank will provide various products and services through the Citi Mobile App. Users will be able to be in active communication with digital channels and have a deep relationship with the bank. For wealth management users, the asset portfolio will be analyzed and examined regularly, and digital services will be reinforced during 2018 to enable efficient redistribution of investment assets.

“Digital channels will be developed steadily so that customers will be provided with convenient and easy financial services without having to visit a bank,” said an official from Citibank.

BY KIM MIN-JI [kim.minji4@joongang.co.kr]