17:21 | 26/02/2018 Finance - Banking
Citi has been recognized as Asia’s Best Digital Bank by the Asset Magazine. The award recognized the bank’s digital progress which has contributed to a strong year of growth for the bank’s consumer franchise.
|Citi named Asia’s Best Digital Bank by the Asset Magazine|
Citi’s Asia Pacific Consumer Bank ended the fourth quarter of 2017 sustaining growth and profitability with the sixth consecutive quarter of revenue growth. For the full year 2017, Asia Pacific GCB’s revenues were up 7% at US$7.3bn and net income up 16%.
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 onboarding acquisitions with many clients using its various digital channels.”
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 for 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, pay their bills.
In Vietnam, 97 percent of customers have opted for e-Statements. In 2017, Vietnam has also recorded an 78% YOY growth in downloads of the Citi Mobile ® App and Citi’s customers show strong engagement, with those who actively use the app increasing by 87% YOY. For digital acquisition, the 2017 digitally acquired cards has grown 29% YOY. This growth has been underpinned by Citi’s digital investments and growth in partnerships on leading digital ecosystems.
“In 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, personalized 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 properties every month. Between 90% and 95% of its transactions already happen outside a branch.