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Banking & Finance

Mobile banking the top channel for Citi clients in Vietnam

Released at: 21:49, 19/12/2017 BUSINESS SPOTLIGHT

Mobile banking the top channel for Citi clients in Vietnam

Photo: Citi

Mobile banking now the preferred channel of Citi's customers in Asia-Pacific and Vietnam.

by Linh San

Mobile banking overtook other digital channels to become the preferred channel used by Citi’s Asia-Pacific and Vietnamese clients during 2017, according to the latest announcement from Citi. 

Mobile use at Citi has surged in the last 12 months by 48 per cent, making it the fastest growing digital channel at Citi. Vietnam has recorded 82 per cent 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 85 per cent year-on-year.

“At Citi our goal is to deliver remarkable banking experiences to our clients wherever they are,” said Ms. Natasha Ansell, Citi Country Officer for Vietnam. “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 our clients need us to be.”

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 per cent year-on-year, and digital lending now accounts for 39 per cent of total consumer loans fulfilled by Citi in the region.

For digital acquisition, in Vietnam, the sum of 2017’s digitally-acquired cards and digitally-acquired loans has grown 65 per cent year-on-year. Ninety per cent of customers avail themselves of the 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.

Citi has digital credit card partnerships with leading players in Vietnam, including Lazada, Grab, and Adayroi. It also 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 3 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 per cent increase in revenue year-on-year, to $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.

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