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In digital banking strategy, Citi focuses on mobile
CITIBANK Singapore expects mobile banking to drive its digital strategy, as more than 70 per cent of its customers are using Citi's online banking services today, said a top executive on Tuesday.
The bank's recent digital services are aimed at removing "little moments of irritation", so customers can, among other things, check their account balances easily, and quickly apply for credit cards, said Han Kwee Juan, chief executive officer of Citibank Singapore, at a media briefing. This also comes as 20 per cent of call volumes relate to queries about account balances.
"Everything we build within the bank will be pivoted towards ensuring that it works on mobile," said Mr Han, pointing to the increase in digital-savviness among consumers today.
Citi also offers wealth advisory tools for private-banking customers to map their investment goals, based on risk tolerance, amount of capital, and their investment time horizon. But these still have to be guided through relationship managers, with Mr Han believing that clients are not ready for full automation in this area, arguing that customers would not want to make all their investment decisions based solely on automated alerts. "Would you dip both your feet in to find out if the water is hot or cold?" asked Mr Han.
The bank will soon launch Citi Pay - its proprietary digital wallet for Android smartphone users in Singapore. It declined to say when Apple Pay would be offered to Citi card users, but said the decision is still being evaluated.