Citi introduces digital client platform tailored for commercial banking operations
Citi Announces Rollout of Single-Entry Point Digital Platform
Citi, one of the world's leading global banks, has announced the rollout of a new digital platform called CitiDirect Commercial Banking. The platform, currently live in the U.S. and being used by more than two-thirds of Citi's target client base, is set to evolve to support clients as they grow their businesses globally.
The platform, according to Tasnim Ghiawadwala, global head of Citi's commercial bank, has the potential to double Citi's 2% market share of a $150 billion targetable commercial wallet. Ghiawadwala believes that CitiDirect, with its client-centric focus, aims to empower clients, save them time, and offer them complete visibility and control.
Mark Sugden, head of CitiDirect commercial banking and digital transformation, emphasized the platform's client-centric focus, stating that it compiles Citi's global products and services into a single platform. This unified approach is designed to offer clients a better view of their banking activities across cash, loans, trade, foreign exchange, servicing, and onboarding.
Jordan Sternlieb, a senior partner at West Monroe consulting firm, supports the idea of single-entry platforms for commercial clients. He suggests that such platforms can help banks retain clients and cross-sell products and services, boosting the bank's wallet share for every customer. However, Sternlieb also acknowledges that the internal organization and operation of banks can sometimes hinder the best interests of their customers in launching a single-entry platform.
In line with this, Shahmir Khaliq, the bank's global head of treasury and trade solutions, called CitiDirect an example of how different teams within Citi work together to deliver various products to clients. This collaborative approach is key to overcoming the challenges that many banks face in launching such platforms, according to Sternlieb.
Citi plans to launch the platform in the second half of this year across Hong Kong, India, Singapore, and the U.K. Meanwhile, Wells Fargo has already launched Vantage, an outlet that leverages artificial intelligence and machine learning to bring a "consumer-like experience" to its commercial and corporate clients.
As banks continue to adapt to the digital age, platforms like CitiDirect and Vantage are expected to play a significant role in enhancing the banking experience for commercial clients, offering them a more streamlined and efficient way to manage their financial operations.
