Citibank N.A. Philippine Branch (Citibank Philippines) banks in on enhanced digital platforms with the unveiling of its improved mobile banking app.
In a press conference on Tuesday, Consumer Banking Head Manoj Varma said that Citi aims to make banking a more customized and personalized experience.
“The customers are no longer satisfied with the impersonal, mass-marketing kind of approach,” said Varma. “They want the ability to transact from anywhere at anytime of their choice without being bound by having to go to a branch between 9-5.”
In a statement, Citi Philippines said its customer banking business has focused on digital transformation, continuously enhancing capabilities to make customer involvement more seamless on various platforms.
The updated “Citi Mobile App” shows a fresh layout with a more tailored and interactive interface that is enticing to users, showing their current balance, transactions, statements, and available credit limit. It further allows Citibank clients to conveniently pay their bills from their mobile phone, laptop, and desktop.
Qualified customers can convert a portion of their latest credit card balance into installment through the app. With a few taps, eligible cardholders can get cash from their credit cards, which can be repaid in monthly installments.
Citi also improved on the issues of client’s banking security. Security features include biometric authentication (Face ID, Touch ID, and Android Fingerprint) and the Citi Mobile Token, which generates a one-time PIN that authorizes online banking transactions.
In the event that one misplaces their card, users can temporarily lock it through the app without having to call the bank.
With its vast approval of digital technology, Varma noted the trials in the country’s connectivity issues.
“Some people would argue that there are some inherent challenges in the infrastructure with the speed of internet, the availability of LTE or the cost of data,” he said.
Varma also notes that according to a McKinsey and Company study, only 14% of Filipinos use their smartphones for digital banking. A vast majority, especially outside the metro where connectivity is a problem, still relies on banks.
Despite this, Citi Philippines states that its clients are now shifting to digital means to do banking as 60% of their customers are already enrolled in digital channels, with even more already subscribed to electronic statements and notices.
“Mobile banking is Citi’s largest and fastest growing channel in the Philippines and we expect digital enrolments to continue to accelerate,” Varma said.
Citi Philippines CEO Aftab Ahmed said that they will continue to provide the best digital capabilities that their costumers will value.
“Our goals, our digital perspective is to enhance our value proposition, to deliver convenience, to deliver a full-rounded experience,” said Ahmed.