16:57 | 06/08/2018 Finance - Banking
In the last 12 months, the bank has added over 1 million new mobile clients across its Asia Pacific consumer banking network that includes 12 markets in Asia Pacific. At the end of June, Citi had 4.3 million 90-day active mobile users, up from 3.2 million a year ago.
|Citi Adds Over 1 Million New Mobile Banking Users across Asia Pacific|
In Vietnam, 2017 will be remembered as the pivotal year when mobile banking overtook other digital channels to become the preferred channel used by Citi’s Asia Pacific customers. Mobile use at Citi Vietnam has surged by 127 percent in the last 12 months, making it the fastest growing digital channel at Citi Vietnam.
In Asia Pacific, mobile is now the most popular digital channel for 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, leading edge mobile banking platform, designed and built in Singapore. The Citi Mobile app offers clients a faster, simpler and more personalized 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 chat bot – have also supported digital growth.
In Vietnam, there is also 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.
“Client preference and expectation are the fundamental drivers of our mobile growth, together with the award-winning Citi Mobile app that we’ve 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 digitally with leading digital companies such as Grab, Lazada and Amazon to enable a seamless pay with points experience across Asia using APIs.
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 29 percent 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 2% with net income up 10% year-on-year. Assets Under Management also grew 11% year-on-year and cards grew 4% with continued growth in digital loans and sales.