17:13 | 23/07/2019 Finance - Banking
Citi’s Asia franchise was recently recognized as the region’s Best Digital Bank by Euromoney in its 2019 Awards for Excellence program.
Held annually, Euromoney’s Awards for Excellence program is regarded as one of the most prestigious award programs in the financial services industry.
As Best Digital Bank in Asia, Euromoney lauded the significant progress Citi is making on the digitization front across both its Global Consumer Banking and Institutional Clients Group businesses.
On the Consumer side, “In 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% growth in consumer revenues, from US$7.2 billion to US$7.8 billion, was underpinned by a 50% increase in digital revenues from the region,” Euromoney noted.
The publication also recognized 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 recognize that Citi’s apps are “pretty cool” with capabilities that deliver value add 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 country globally to accomplish the milestone of 100% 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 honored 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 digital highlight Euromoney singled out from the Institutional Clients Group. In Vietnam, in April 2019, Citi launched biometric authentication for institutional clients in Vietnam, the 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 (TTS) 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.
Citi Asia Pacific reported a 4% year-on-year increase in revenue to US$4 billion, contributing to around 20% of Citi’s global revenue. Net income over the same period grew 17% year-on-year to US$1.25 billion.
The Consumer business in Asia Pacific (which covers 12 markets in Asia and 5 in EMEA) saw a 3% growth in revenue to US$1.9 billion and the Institutional Clients Group grew revenue by 6% to US$2.09 billion.