Citi has reported over 1 million new mobile banking clients across its Asia-Pacific consumer banking network in the last 12 months, adding to some 4.3 million mobile users on record as of June, 30.
Being one of the 12 markets in the Asia-Pacific that Citi is current present in, Citi Vietnam has witnessed a surge of 127 per cent in mobile use over the course of 12 months, making it the bank’s fastest growing digital channel.
In the Asia-Pacific, mobile is now the most popular digital channel among Citi’s clients, with more than one in three digitally active clients choosing 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.
Driving this growth has been the rollout of a new, cutting-edge mobile banking platform designed and built in Singapore. The Citi Mobile app offers clients faster, simpler, and more personalised experience, featuring enhanced security that enables more complex transactions to be carried out on 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 first—including video banking and the Facebook chatbot—have also supported digital growth.
In Vietnam, there was also a 78 per cent year-on-year growth in the downloads of the Citi Mobile® App. Combined with the usage of online banking, the 90-day digital adoption rate has increased by 128 per cent year-on-year.
“Client preference and expectations are the fundamental drivers of our mobile growth, together with the award-winning Citi Mobile app that we have developed to meet these. Mobile is a key component in the transformation of our consumer business model. It is already making our business more efficient and scalable, while giving clients the right mix of digital and personal touch that they expect,” said Felimy Greene, regional head of Customer Franchise.
Also supporting the growth has been Citi’s open API-enabled approach to partnerships, working with key brands and digital platforms across the region. This gives clients the option to access Citi in their preferred channels, including LINE in Thailand, WeChat in China, and Facebook Messenger in Singapore. Citi has also partnered up digitally with leading digital companies, such as Grab, Lazada, and Amazon to enable a seamless pay with points experience across Asia using APIs.
|In Vietnam, 78 per cent more people downloaded Citi's mobile app than last year |
The progress across digital 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. Revenue grew by 2 per cent with net income up 10 per cent year-on-year. Assets under management also grew by 11 per cent year-on-year and cards grew by 4 per cent with continued growth in digital loans and sales.
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Vietnam has seen huge growth in startups in recent years, with 3,000 registered startups in 2017.
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