Citi has been recognised as Asia’s Best Digital Bank by the Asset Magazine for its outstanding digital progress which has contributed to a strong year of growth for its consumer franchise.
Citi’s Asia-Pacific Consumer Bank ended the fourth quarter of 2017 by sustaining growth and profitability with the sixth consecutive quarter of revenue growth. For the full year of 2017, Asia Pacific Global Consumer Bank’s revenue was up 7 per cent at $7.3 billion and net income increased by 16 per cent on-year.
In the editorial write up, the Asset said, “Citi continued to enhance its digital offering by developing intuitive tools to serve their customers across its footprint, and saw a significant number of digital on boarding acquisitions with many clients using its various digital channels.”
|Asset Magazine lauded Citi's strong and versatile push towards digital banking |
During 2017, Citi invested further in supporting its digital transformation in Vietnam. The bank pushed forward with a number of digital services aimed at improving the digital experiences of 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.
In Vietnam, 97 per cent of customers have opted for e-statements. In 2017, the country has also recorded an 78 per cent year-on-year growth in the downloads of the Citi Mobile ® App and Citi’s customers show strong engagement, with active users of the app increasing by 87 per cent year-on-year.
The number of digitally acquired cards in 2017 have grown by 29 per cent year-on-year. This growth has been underpinned by Citi’s digital investments and growth in partnerships on leading digital ecosystems.
“In the 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. Our performance and this recognition is the result of our strategy to reallocate resources for client-centric growth delivering simpler, relevant, personalised, and digital client experiences,” said Anand Selva, head of Asia-Pacific Consumer Banking.
Citi in Asia draws some 20 million visits to its online Consumer Banking websites and mobile apps every month. Between 90 and 95 per cent of its transactions already take place outside its branches.
By Trang Nguyen