Citi named Asia’s best digital bank by Euromoney

Citi was named Asia’s best digital bank at Euromoney's Awards for Excellence programme

Held annually, Euromoney’s Awards for Excellence programme is regarded as one of the most prestigious award programmes in the financial services industry.

As the best digital bank in Asia, Euromoney lauded the significant progress Citi is making on the digitisation front across both its Global Consumer Banking and Institutional Clients Group businesses.

On the consumer side, “In the Asia-Pacific, digital initiatives have led to operating efficiency improving by 234 basis points between the 2018 and 2019 financial years (based on first-quarter numbers), and the 7 per cent growth in consumer revenue, from $7.2 billion to $7.8 billion, was underpinned by a 50 per cent increase in digital revenues from the region,” Euromoney noted.

The publication also recognised 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 to recognise that Citi’s apps are “pretty cool” with capabilities that deliver added value 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 branch globally to accomplish the milestone of 100 per cent penetration with clients for e-statements.

Commenting on the Digital Bank win, Asia-Pacific and EMEA head of Consumer Banking, Gonzalo Luchetti, said, “We are honoured to receive this recognition. 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 2019, Citi launched biometric authentication for institutional clients in Vietnam. Clients 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 consumer, digital innovation is also instrumental in institutional, corporate, and wealth businesses, and helped the Treasury and Trade Solutions team win the transaction services award this year,” said Euromoney.

Citi’s regional Treasury and Trade Solutions business was named Best Bank for Transaction Services in Asia.

Citi’s regional Euromoney wins come after the recent announcement of the bank’s second-quarter results on July 15.

Accordingly, 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 by 17 per cent year-on-year to $1.25 billion.

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