19 February 2018
Visit www.avoka.com

Citi Mobile claims one million users in AsiaPac; 95% of transactions now occur away from branch

16 October 2012  |  10284 views  |  2 Citi Web screen shot

Citibank claims to have signed up more than one million active subscribers to its Citi Mobile package in the Asia Pacific region, just four years after launching the app.

At the end of September, Citi had 1.1 million active mobile banking users in the region and is adding between 60,000 to 70,000 new mobile users every month. In total, the bank sees between 12 to 13 million online and mobile log-ins every month.

Launched first in 2008 in Hong Kong, the application has since been rolled out across the region. Other developments in the pipeline include tablet banking launches in Australia, Singapore, Thailand, Philippines, China, Malaysia and Indonesia in the first quarter of next year.

The mobile banking milestone in Asia builds on Citi's stated ambitions to become the world's digital bank. Data shows that 95% of all transactions for Citi in Asia now occur outside a branch.

Despite this, the bank continues to invest in its branch network.In 2010, Smart Banking branches, which embrace modern technology to serve clients quicker and more simply, were launched first in Asia and then globally. These branches are also bringing in several thousand new clients monthly, at a rate three- to five-times faster than in traditional branches, says the bank.

"Currently we have a few markets where digital channels contribute in excess of 25 percent of Citi's new credit card accounts," says Rajesh Yohannan, Citi's global head of mobile banking and Asia pacific head of eBusiness. "With our new capabilities, we are certain that the share of new business through mobile will grow exponentially."

Comments: (2)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 19 October, 2012, 18:32

"These branches are also bringing in several thousand new clients monthly, at a rate three- to five-times faster than in traditional branches,...". This is further endorsement of what has been quite evident on the ground and is increasingly being voiced by analysts e.g. Forrester: "Branches Will Not Disappear, But They Will Change" (http://blogs.forrester.com/auke_douwe_veenstra/12-10-09-is_there_a_future_for_bank_branches).

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 22 October, 2012, 15:39

This McKinsey article on the growing role of digital marketing in today's world of the new consumer journey notes, somewhat ironically, "one consequence of the new world of marketing complexity is that more consumers hold off their final purchase decision until they’re in a store." Maybe it's consumer behavior of this nature - whether or not it sounds logical to the digerati - that prompts Citi to continue to invest in its branch network despite having a popular mobile banking app.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Citi and USAID team on developing world mobile money push

Citi and USAID team on developing world mobile money push

13 June 2012  |  6768 views  |  0 comments
Citi launches Kindle Fire app

Citi launches Kindle Fire app

08 March 2012  |  7083 views  |  0 comments
Citi iPad app charges bill payers twice

Citi iPad app charges bill payers twice

10 February 2012  |  6324 views  |  2 comments
Citi adds credit card account analysis tools to iPad app

Citi adds credit card account analysis tools to iPad app

31 January 2012  |  7079 views  |  0 comments
Citi launches Facebook app for loyalty point pooling

Citi launches Facebook app for loyalty point pooling

03 January 2012  |  9839 views  |  0 comments
Citi GTS opens Asia Pacific innovations lab

Citi GTS opens Asia Pacific innovations lab

07 December 2011  |  8640 views  |  0 comments
Citi mobile payments head Chu quits for LivingSocial

Citi mobile payments head Chu quits for LivingSocial

02 December 2011  |  10960 views  |  0 comments
Citi rounds on Isis, urges other banks to join Google Wallet

Citi rounds on Isis, urges other banks to join Google Wallet

12 October 2011  |  19120 views  |  5 comments
Citi's digital banking aspirations take shape with new online banking site

Citi's digital banking aspirations take shape with new online banking site

03 October 2011  |  13171 views  |  0 comments
Citi slaps down Bank 2.0 rivals in Innotribe face-off

Citi slaps down Bank 2.0 rivals in Innotribe face-off

22 September 2011  |  18662 views  |  1 comments
Citi invests in mobile start up Billing Revolution

Citi invests in mobile start up Billing Revolution

22 June 2011  |  9260 views  |  0 comments
Citi opens high-tech flagship NY branch

Citi opens high-tech flagship NY branch

16 December 2010  |  13216 views  |  0 comments
Citi to invest in mobile and online to attract affluent customers

Citi to invest in mobile and online to attract affluent customers

17 November 2010  |  13377 views  |  0 comments
Citi launches digital assault on Australian market

Citi launches digital assault on Australian market

27 August 2010  |  10855 views  |  1 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.nextgenbanking.co.ukvisit www.swift.com/your-needs/instant-paymentsvisit www.ebaday.com

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
11490 views comments | 16 tweets | 12 linkedin
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
9057 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
8916 views 10 comments | 22 tweets | 26 linkedin
Aussie real-time payments platform goes liveAussie real-time payments platform goes li...
8809 views comments | 15 tweets | 43 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
7440 views comments | 12 tweets | 10 linkedin

Featured job

Competitive base + commission (double OTE)
London, UK

Find your next job