Citi is set expand the coverage of CitiDirect Commercial Banking, its digital platform that provides a single entry point for its commercial clients, to a selection of major markets beyond the US.
The platform provides customers with a consolidated view of Citi’s global products and services including cash, loans, trading, FX and account servicing as well as consolidated onboarding.
CitiDirect is live in the US and over two-thirds of the bank’s US client base is actively using it. Citi plans pilot launches in the second half of 2023 in Hong Kong, India, Singapore and the UK.
Key features include: access to data-driven insights necessary to inform decision making;management of day-to-day banking interactions; and the ability to digitally open accounts and request new products and services.
“Our new banking platform has been designed and built with a client-centric focus,” said Mark Sugden, head of CitiDirect commercial banking & digital transformation. “We are delighted with the response from clients and continue to invest while targeting key market rollouts throughout 2023 and beyond.”
The launch is part of a significant strategic investment plan to meet the growing global needs of its commercial clients, according to the US bank.
Citi’s 2023 Q1 earnings report revealed it hired 8,000 technology specialists over the 12-months to 31 March quarter-end as part of its ongoing digital transformation. First quarter technology expenses were up 12% year-on-year.
Chef financial officer Mark Mason said on an earnings call: “We recognise these investments have driven a significant increase in expenses, but they are crucial to modernise the firm…and position Citi for success in the years to come.”