Digital Onboarding for Citi’s Institutional
Clients expanded to 37 Countries in all Regions
Citi’s Treasury and Trade Solutions (TTS) has expanded the reach
of the CitiDirect BE® Digital Onboarding platform, making it
available in 37 countries and five languages. Additionally, usage
across all client-facing digital channels has dramatically grown
over the first quarter of 2020, as clients switch to
continuity-of-business (COB) modes, with remote work during the
pandemic.
Clients have activated COB plans, and have had to rapidly
reassess current payment methods, processes, risks and controls,
and digitize manual processes. They are expanding their use of Citi
platforms for a remote workforce, including mobile apps and use of
biometrics, as well as digitizing documentation and moving to
electronic signatures to complete the onboarding process.
“During these unusually challenging times where clients are
primarily working remotely and their ability to provide physical
signed documents is severely restricted, the simplicity of Citi’s
accelerated digital account opening process is especially
valuable,” said Naveed Sultan, Global Head of Treasury and Trade
Solutions at Citi. “By expanding the reach of CitiDirect BE Digital
Onboarding, we are helping clients improve the robustness of their
contingency capabilities.”
Citi’s digital onboarding solutions have enabled clients to set
up new accounts and overcome major obstacles due to the pandemic,
both domestically and overseas. Clients can complete the process of
account opening using electronic signatures, with streamlined
documentation. In parallel to digitizing the onboarding experience,
in 2018, we also reduced approximately 97% of overall terms and
conditions in documentation. Through the digital onboarding
experience, Citi has helped clients open over 1,000 accounts during
the widespread lockdown. Citi plans to offer the solution in 50
countries by the end of 2020.
CitiDirect BE Digital Onboarding accelerates and simplifies the
client to bank onboarding experience, enabling clients to complete
Know Your Customer (KYC), account opening and product requirements
online, while tracking status end-to-end. It replaces the legacy
paper and courier-based documentation process with a digital
platform, including electronic signatures, and using existing data
assets to complete KYC and account opening requirements.
“This solution and the speed of turnaround it provides is
invaluable,” said Declan Murtagh, Treasury Director at Digital
Realty. “It totally simplifies a process which always seemed so
cumbersome, and with record turnaround times, it really does make a
difference!”
As clients have invoked their respective COB plans, the ability
to rapidly open new accounts has provided multiple benefits,
including helping them to go live in new countries to enable new
cash collection sources and providing rapid payment options for
their employees.
Accelerated Adoption of Digital Channels
While the growth in digital adoption has steadily increased over
recent years with the consumerization of corporate experiences, the
adoption of CitiDirect BE® digital solutions has accelerated even
faster as a result of the pandemic. There has been tremendous
growth in both CitiDirect BE and CitiConnect® usage on an annual
basis between March 2019 and March 2020 including:
- 24% increase in total number of CitiDirect BE online and app
users
- 18% increase in total number of logins on CitiDirect BE
- 10-fold increase in active CitiDirect BE App users this year,
with approximately 50% of these users leveraging biometric
authentication
- API volumes multiplying four times.
“We have seen accelerated usage of our digital channels due to
recent remote work situations,” said Tapodyuti Bose, Global Head of
Digital Channels and Data, Citi Treasury and Trade Solutions. “Our
best in class solutions provide clients with secure digital
options, allowing them to be agile and to quickly respond to
current events, so they are able to focus on their business
priorities.”
The CitiDirect BE platform, which provides access to global
transaction capabilities, continues with new and innovative
capabilities on the desktop as well as on mobile. These include
simplified payments, biometric authentication, chat, and co-browse
capabilities with a service representative with 90% of all
inquiries and reports requests handled digitally. CitiConnect® API
usage (for client connectivity with treasury and accounting
systems) has also surged in volume over the last year as many
companies move towards seamless, real-time integration.
“The CitiDirect BE Digital Onboarding platform has proven to be
a fantastic tool for Reliance, enabling us to get the account
opening process completed and accounts activated in a very short
span of time,” stated Narendra Shenoy, Treasury Head at Reliance BP
Mobility Limited, a subsidiary of Reliance Industries Limited. “The
entire walkthrough, as well as the day-to-day user experience of
Citi’s innovative account opening system is very intuitive. Plus,
the Citi team on the ground provided the highest level of service
ensuring the task at hand was completed smoothly.”
For more information about CitiDirect BE® Digital Onboarding,
CitiDirect BE® and CitiConnect®, visit here.
Citi Treasury and Trade Solutions (TTS) enables our clients'
success by providing an integrated suite of innovative and tailored
cash management and trade finance services to multinational
corporations, financial institutions and public sector
organizations across the globe. Based on the foundation of the
industry's largest proprietary network with banking licenses in
over 90 countries and globally integrated technology platforms, TTS
continues to lead the way in offering the industry's most
comprehensive range of digitally enabled treasury, trade and
liquidity management solutions.
About Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found at http://www.citigroup.com
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version on businesswire.com: https://www.businesswire.com/news/home/20200513005130/en/
Citi: Nina Das Email: nina.das@citi.com
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