The mobile phone has become the most popular digital channel for Citi's clients in the Asia-Pacific region.
by Linh San
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During the last 12 months, the bank added over 1 million new mobile clients across its consumer banking network in its 12 markets in the Asia-Pacific region. At the end of June, Citi had 4.3 million 90-day active mobile users. A year ago they had 3.2 million.
In the Asia-Pacific region, the mobile phone is now the most popular digital channel for Citi’s clients with more than one in three digitally active clients choosing the mobile. The bank is targeting further significant mobile growth over the next 12 months as it continues to enhance the range and quality of its mobile capabilities.
“Client preference and expectations are the fundamental drivers of our mobile growth together with the award-winning Citi Mobile app that we’ve developed. The mobile is a key component in the transformation of our consumer business model. In fact, it's already making our business more efficient and scalable, and gives our clients the digital and personal touch that they've come to expect,” said Felimy Greene, Regional Head of Customer Franchise.
Driving this growth has been the rollout of a new, cutting-edge mobile banking platform that was designed and built in Singapore. The Citi Mobile app offers clients a faster, simpler, and more personalized experience. It features enhanced security that enables more complex transactions to be carried out on a mobile, without requiring clients to use physical security devices or other computers.
The new app also includes individually tailored credit card and retail banking offers, leveraging Citi’s unique global reach and partner network. The app also includes a powerful digital brokerage and eFX platform. Global firsts for Citi that were rolled out in Asia – including video banking and the Facebook chat bot – have also supported digital growth.
In Vietnam, 2017 will be remembered as the pivotal year when mobile banking overtook other digital channels to become the preferred channel of Citi’s Asia-Pacific customers. Mobile use at Citi Vietnam has surged by 127 per cent in the last 12 months making it the fastest growing digital channel at Citi Vietnam.
In Vietnam, there's been a 78 percent year-on-year growth in downloads of the Citi Mobile® App. Combining with the usage of online banking, the 90-day digital adoption rate has increased by 128 percent year-on-year.
Also supporting this growth has been Citi’s open API-enabled approach to partnerships which works with key brands and digital platforms across the region. This gives clients the option to access Citi in their preferred channels such as LINE in Thailand, WeChat in China and Facebook Messenger in Singapore. Citi has also partnered digitally with leading digital companies such as Grab, Lazada, and Amazon to enable seamless pay across Asia using APIs.
The digital progress has underpinned strong results across cards, wealth, and broader retail. In Vietnam, digital contribution in Citi’s Credit Cards acquisition grew by 29 per cent year-on-year.
In the second quarter of 2018, Asia Consumer registered its eighth consecutive quarter of revenue growth and positive operating leverage. Revenues grew by 2 per cent and net income went up by 10 per cent year-on-year. Assets Under Management also grew by 11 per cent year-on-year and cards increased by 4 per cent with continued growth in digital loans and sales.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi 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.
- retail banking
- mobile banking
- digital banking