Citibank has signed an agreement to implement Polish LiveBank technology, which will enable more than 100 million bank customers in 16 countries to benefit from virtual banking without leaving home.
This is the first implementation of a virtual banking system on such a large scale in the world.
Citibank is one of the world's banking leaders, with 2600 branches worldwide, and generates over $7 billion in annual revenue for Citigroup. The bank serves individuals, as well as corporate, governmental and institutional clients. After launching LiveBank for Standard Chartered in 9 countries, this will be the largest implementation of virtual banking for a global bank. The system will be available to customers in the APAC and EMEA regions.
LiveBank is Ailleron's leading technology solution. The product is a technologically advanced virtual banking system. It transfers 95% of the bank's offer to remote channels, while maintaining the possibility of direct interaction between the client and the bank. The platform provides many services, including secure banking in video, audio and chat channels, collaboration, file sharing, document signing, voice biometrics and eKYC.
“Banks face new digital contact demands from technology savvy customers. LiveBank is a world leader in branch virtualization, multi-channel messaging and AI in customer service. Having introduced our technologies to a number of banks we finally feel it is entering the mainstream. We are very proud to be chosen by one of the biggest international bank. We are riding the revolution of virtualization and automation,” says Rafał Styczeń, Ailleron CEO.
The current expansion of LiveBank confirms the accelerating trend towards the path of digital transformation that is already being tread by the largest and most innovative banks in the world. According to EFMA (the European Financial Management Association) as many as 80% of the world's banks will be involved in virtual branch deployments in 2018.
The widespread digitization and changes in the way we communicate are increasingly penetrating the banking sector. Banks such as the Nationwide Building Society in the United Kingdom, Bank of America, Bank of Montreal in Canada and Westpac in Australia have deployed videoconferencing systems enabling customers to remotely contact centrally located experts such as loan experts and financial advisors. Other banks such as ABN Amro in the Netherlands, Commerzbank in Germany, mBank and Bank Zachodni WBK in Poland, Barclays in the UK, ICICI in India, the Royal Bank of Canada and Standard Chartered Bank, have introduced virtual banking, which is becoming not only a means of communication, but is also moving more and more physical functions of bank branches into the virtual area.
“The agreement on such a broad implementation in Citibank is the result of many years of work on improving LiveBank as well as the result of implementations in the Polish mBank and BZ WBK, German Commerzbank or international Standard Chartered Bank. Our cooperation with Citibank will give us plenty of experience and new ideas. We are implementing the solution in 16 countries with different market regulations and IT requirements. It is a powerful base of knowledge and new ideas. We are currently expanding LiveBank with online customer identity verification, which will allow for opening a bank account, taking out a loan, or signing a contract remotely, without visiting a bank branch. LiveBank is the first global virtual banking system in the world, winning not only with functionality or level of security but also implementation time,” says Piotr Skrabski, Ailleron VP and General Manager of LiveBank.