Citi Bank Debuts A Digital Platform To Address The Financial Needs Of Businesses!

Of the People, By the People, For the People! - Abraham Lincoln

These words by Abraham Lincoln are a guiding principle for people, governments and many industry leaders even today. It tells us to make decisions that are of the people’s preference, by the people’s vote and for the people’s benefit.

So, what about businesses? Can businesses build products and services based on a similar idea?

Well, yes! That’s exactly what Citi Commercial Bank’s new platform is all about.

Let’s explore!
 

What Is Citi Commercial Bank’s New Platform?

 

• Citi’s newly launched platform is called CitiDirect Commercial Banking and has been specifically designed to address the needs of its clients, i.e., Citi Commercial Bank (CCB) clients.

• The digital platform offers a single-entry point for its clients and is a part of its strategic investment plan aimed at addressing their global needs.

• Citi collaborated with its CCB clients to develop the platform to ensure it was intuitive and seamless in nature, enabling their clients to incorporate the platform into daily usage.

• Presently, the platform is live in the US, where over 66% of its clients are using it. Citi plans to launch the platform across Hong Kong, India, Singapore and the UK in the second half of 2023.

 

What Are The Key Features Of Citi’s CitiDirect Commercial Banking Platform?

 

• The platform helps clients with data-driven insights to help in decision-making, manage day-to-day banking interactions in one place, open digital accounts, request new products and services and extend the self-service features.

• Furthermore, it provides clients with a 360° consolidated view of their Citi banking relationship across Cash, Loans, Trade, FX, Servicing and Onboarding.

 

What Did Citi Commercial Bank Have To Say About The New Platform?

 

• Tasnim Ghiawadwala, Global Head of Citi Commercial Bank, said, “This is an important milestone in delivering on our commitments set out during Citi’s 2022 Investor Day. At the time, we spoke about our intention to deliver on a differentiated client experience through a single digital platform, that will empower clients and save them time, while offering them complete visibility and control. We anticipate that CitiDirect Commercial Banking will continue to evolve to support our clients as they grow their businesses globally.”

• Head of CitiDirect Commercial Banking & Digital Transformation, Mark Sugden said, “Our new banking platform has been designed and built with a client-centric focus. The outcome is an innovative platform that responds to our clients’ complex needs and their expectations of a simple and intuitive digital banking experience. We are delighted with the response from clients and continue to invest whilst targeting key market roll outs throughout 2023 and beyond.”

• Shahmir Khaliq, Global Head of Treasury and Trade Solutions, added “The launch of CitiDirect Commercial Banking demonstrates how our Institutional Clients Group ecosystem works together to deliver excellence for our clients. We are very pleased that our partnership with our colleagues in Commercial Banking has resulted in this new and differentiated service.”

So, if you’re a Citi client, you’re in luck!

If not, this move by Citi Commercial Bank will certainly encourage other financial institutions to offer their client businesses more personalized and centralized platforms.

Do you think Citi has an advantage over other financial service providers with the new platform? How long before other financial service providers follow suit?

Let us know in the comments below!