Commercial banking gets a digital upgrade as Citi introduces a new client platform
In a significant move towards enhancing the client experience, Citi has announced the rollout of a new digital platform named CitiDirect Commercial Banking. The platform, designed with a client-centric focus, aims to deliver a differentiated client experience through a single digital platform, as stated by Tasnim Ghiawadwala, the global head of Citi's commercial bank.
CitiDirect Commercial Banking will offer a better view of clients' banking activities across cash, loans, trade, foreign exchange, servicing, and onboarding, all compiled into a single platform. This platform, according to Ghiawadwala, has the potential to help Citi achieve its goal of doubling its 2% market share of a $150 billion targetable commercial wallet.
The platform, currently live in the U.S., already boasts more than two-thirds of Citi's target client base using it. Ghiawadwala emphasized that CitiDirect was designed to empower clients, save them time, and offer them complete visibility and control.
Tasnim Ghiawadwala's statements suggest that Citi is planning for the future growth and evolution of CitiDirect Commercial Banking. She mentioned that the platform was designed to support clients as they grow their businesses globally and continue to evolve to meet their needs.
Mark Sugden, head of CitiDirect commercial banking and digital transformation, echoed Ghiawadwala's sentiments, stating that the platform was designed with a client-centric focus. Sugden also called CitiDirect an example of teamwork within Citi to deliver various products to clients.
The launch of Vantage by Wells Fargo demonstrates that other banks are also working on improving their commercial-banking platforms. Vantage, a platform designed to leverage technology to improve the banking experience for commercial clients, utilizes artificial intelligence and machine learning to bring a 'consumer-like experience' to its clients.
However, many banks haven't launched such platforms due to the challenges that come with it, according to Jordan Sternlieb, a senior partner at West Monroe consulting firm. Sternlieb stated that single-entry platforms for commercial clients are beneficial for banks as they can help retain clients, offer more opportunities for cross-selling, and boost the bank's wallet share for every customer.
Citi plans to launch the platform in the second half of this year across Hong Kong, India, Singapore, and the U.K. Shahmir Khaliq, the bank's global head of treasury and trade solutions, called CitiDirect an example of teamwork within Citi to deliver various products to clients.
In conclusion, Citi's launch of CitiDirect Commercial Banking is a significant step towards improving the client experience and enhancing the bank's competitive position in the commercial banking sector. The platform's client-centric design and focus on offering a comprehensive view of clients' banking activities position it well to meet the needs of Citi's commercial clients as they grow their businesses globally.
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