Mobile the top channel for Citi Consumer Banking clients in Vietnam

09:22 | 20/12/2017 Finance - Banking

During 2017 Mobile Banking overtook other digital channels to become the preferred channel used by Citi’s Asia Pacific and Vietnam clients.  

Mobile use at Citi has surged in the last 12 months by 48%, making it the fastest growing digital channel at Citi.

Vietnam has recorded an 82% year-on-year growth in downloads of the Citi Mobile ® App and Citi’s customers show strong engagement, with those who actively use the app increasing by 85% year-on-year.

Digital is also growing rapidly as a source of new business at Citi. Digital acquisition in Citi’s Credit Cards and Loans business grew 57% year-on-year, and digital lending now accounts for 39% of total consumer loans fulfilled by Citi in the region.

For digital acquisition, in Vietnam, the sum of 2017 digitally acquired cards and digitally acquired loans has grown 65% year-on-year. 90% of the customers avail Citi Easy cash facility through digital channels. This growth has been underpinned by Citi’s digital investments and growth in partnerships on leading digital ecosystems.

“At Citi our goal is to deliver remarkable banking experiences to our clients wherever they are. We have been transforming our business to be simpler, faster, scalable and digital. The growth we are seeing in mobile and digital underlines the progress we are making in being increasingly relevant where are clients need us to be,” said Natasha Ansell, Citi Country Officer for Vietnam

Citi has digital credit card partnerships with leading players in Vietnam including Lazada, Grab and Adayroi. Additionally it has partnerships with leaders like Amazon, Expedia and Airbnb in other countries in the region. Citi also recently partnered with Facebook to launch its first banking chatbot on the Facebook Messenger platform in Singapore. Giving customers real-time information on their accounts, transaction details and rewards points balances, Citi’s chatbot will be rolled out across the region over the next few months. Citi also recently reached a major milestone with three million customers having registered to use its voice biometric authentication.

The Asia Pacific Global Consumer Bank’s focus on transforming its business continues to yield positive results. For the third quarter of 2017, the business reported a 5% increase in revenue year-on-year to US$1.87 billion, representing its fifth consecutive quarter of revenue growth in the region and making it the fastest growing consumer business for Citi globally.