Lee Lung Nien
KUALA LUMPUR: Citi Malaysia will be setting up four digital branches in the country as its latest brand transformation initiative in response to the changing preferences of clients and supporting further growth in its consumer business.
In a statement, Citi Malaysia said in 2016, Citi Malaysia saw growth of 18% in 30-day digital use by clients and growth of 30% for 30-day mobile use. To date, more than 40% of Citi Malaysia’s customer base is digitally active.
The bank said the branches located in Cheras, Taipan USJ, Bukit Tengah in Penang and Durian Tunggal in Melaka would be upgraded to digital branches effective March 16, 2017, offering clients a suite of digital only self-service channels modelled on Citi’s Smart Banking strategy.
Within the region, this includes intuitive touch screens and high definition media walls designed to attract, engage and connect clients with products and services, digitally and all on demand.
“In our push to further digitise and support growth, a smarter network that embraces digital makes good business sense as we see more of our clients opting for digital banking. Digital banking has transformed how we serve clients and our priority is delivering a remarkable client experience to our clients wherever they choose to bank,” chief executive officer Lee Lung Nien said in the statement.
It noted that Citi launched Voice Biometrics in 2016 in Malaysia, the first bank to do so in the country to verify clients through their unique voiceprints. This has seen a reduction by 66% of time spent verifying client details.
During 2016, the bank also launched a new Citi Mobile app in Malaysia, the first bank to allow clients to register for an online banking account entirely on their mobile app.
“The mobile phone is now your bank branch too. Citi already has a relatively light footprint of Smart branches in high impact urban locations. We are continuously optimising this through a mix of iconic city locations, transit hubs and retail malls.
“You will see a consistent implementation of technology and banking innovation as part of the Citi Asia global consumer business strategy that is mobile first and focused on delivering a remarkable client experience,” Lee said.
He said the digital capabilities blend well with Citi’ signature high- touch service and advice for more complex client needs where Citi branches are now more focused as wealth management and advisory hubs.
“We are seeing radical new trends and solutions through Fintech. Technology advancement is such that banks will need new agile operating models to stay profitable and competitive. It is about securing leadership and staying ahead.
“Citi in Malaysia has a solid client base in the affluent and emerging affluent segments. We are rapidly digitising services and launching new products, services and experiences at a pace we’ve never done before,” Lee added.
Citi explained that the branch transformation initiative would also include the close of the Citi Kuantan branch. Clients, however, can continue to bank through online banking and existing relationship management services based in Kuala Lumpur.
It has 16.9 million consumer banking customers in the region and the bank already has over one million customers registered for voice biometrics authentication. Within the next three years, the bank expects the number of users to grow to three million.
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