Citi Vietnam named Best Corporate Digital Bank 2020 by Global Finance

12:01 | 12/09/2020
Citi Asia-Pacific’s leadership and excellence in digital banking has been recognised in the first round of Global Finance’s 2020 World’s Best Digital Banks Awards.
citi vietnam named best corporate digital bank 2020 by global finance
Citi was also recognised for Best Online Cash Management Services in the Asia-Pacific

In the 2020 World’s Best Corporate Digital Banks Awards, Citi swept 16 Best Corporate Digital Bank titles across Australia, Bangladesh, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Pakistan, the Philippines, South Korea, Sri Lanka, Taiwan, Thailand, and Vietnam.

The bank was also recognised for Best Online Cash Management Services in the Asia-Pacific, Best Online Treasury Services, Best Mobile Adaptive Site, Best Mobile Banking App, and Best Open Banking Application Programming Interfaces (APIs).

Since the start of the year, Citi’s Treasury and Trade Solutions business in the Asia-Pacific has seen a significant acceleration in the adoption of its digital platforms and capabilities. Citi’s corporate mobile app user base has increased eight-fold on-year in the first half of this year, compared to the same period last year.

Digital Onboarding – a solution that enables existing clients to open new and incremental accounts completely digitally – is now live in 10 markets in the region. In the first quarter of the year, over 1,000 accounts were opened digitally. A significant proportion of new and incremental accounts are now opened using the Digital Onboarding solution.

“Our investments in digital technologies have proven to be critical as the pandemic accelerates digital adoption among our client base. Through these capabilities, we have been able to continue effectively supporting our clients and their business operations during this time,” said Rajesh Mehta, Asia-Pacific head of Treasury and Trade Solutions, Citi. “We remain committed to being the preferred digital platform for digital commerce and continue to expand our digital banking infrastructure to support clients now and for the future.”

In response to the pandemic, Citi quickly developed a feature called "Help" on the Citi Mobile app, enabling clients to send secure messages through the platform without needing to call in.

In the 2020 World’s Best Consumer Digital Banks Awards, Citi was named Best Consumer Digital Bank in Australia, Hong Kong, Philippines, South Korea, Bahrain, and the UK.

The Consumer Banking business was recognised for Best Information Security Management and Fraud Management across the Asia-Pacific, Western Europe, the UAE, and Bahrain.

Citi also won Best Mobile Banking Adaptive Site and Best Open Banking APIs for the Asia-Pacific. In Bahrain, Citi was recognised for Best Mobile Banking App and Best Mobile Banking Adaptive Site.

Giving customers the ability to do the majority of their banking through mobile despite varying lockdowns and restrictions due to COVID-19 pandemic, mobile adoption in the second quarter of the year jumped 17 per cent on-year. Digital acquisition for credit cards increased to 65 per cent at the end of the second quarter this year, compared to 44 per cent in the previous year.

In response to the pandemic, Citi quickly developed a feature called "Help" on the Citi Mobile app, enabling clients to send secure messages through the platform without needing to call in.

Citi Asia-Pacific and EMEA head of Consumer Banking, Gonzalo Luchetti said, “Digital and mobile banking are at the core of our strategy to offer clients a simpler, more intuitive, and increasingly personalised client experience."

“Digital innovation is key to helping us elevate client experience, giving us the tools to be able to pre-empt and respond to client needs," he explained. "This, in addition to our digital partnerships in the region, and the introduction of new products and services on our digital platforms, is enabling us to successfully generate client-led growth.”

By Anh Duc

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional

Based on MasterCMS Ultimate Edition Ver 2.9 2020