Citi’s David Stoughton discussing digital banking initiatives
American banking giant Citi has rolled out the Philippines’ first fully digital credit card application and approval program, harnessing technology to scale up its consumer banking business and encourage the shift to digital banking.
In a press briefing on Thursday, Citi director for credit payment products David Stoughton said this credit card application digitization process was part of Citi’s vision for digital banking to “open up the world of finance to enable growth and accelerate economic progress.”
Under the new system, credit card applicants can expect to get credit approval online after they complete the simplified application form and submit digitized copies of required documents. A client will know in minutes if he or she is qualified to get a Citi credit card.
“This is a game changer as we continue to look at our products and services, and accelerate digitization to deliver remarkable client experiences,” said Stoughton.
To date, Citi is already one of the leading credit card issuers in the Philippines with nearly one million cards in circulation.
“We were one of the first banks to launch an online presence and also one of the pioneers in attracting customers through our website,” said Stoughton. “At that time, we were only capturing the information online when they apply, but the processing still takes place offline including the credit review. With this latest service, we are excited to break new ground for the industry and deliver another innovation for the Filipino consumer.”
Regional figures show one out of every four new credit card accounts acquired comes from digital sources and over 50 percent of clients are actively using digital banking channels, up from 30 percent three years ago.
As part its push for digital banking, Citi has also digitized its rewards. Clients who prefer to submit applications through promotion booths in shopping centers or travel exhibits because of attractive tokens will also get freebies if they apply online.
From now until April 30, anyone who completes an application online and receives an electronic voucher can redeem for Auntie Anne’s pretzels and iced tea. If and when their application is approved, plus with a qualifying purchase, clients who are getting their first Citibank credit card will also get a Fitbit Charge 2 fitness wristband worth around P3,000, Stoughton said.
Stoughton said for Citi, making the push for digital banking isn’t about forcing customers to interact in such a way but offering “remarkable”‘experience that would encourage them to embrace this system.
Today, around half of Citi’s Philippine-based clients use digital banking platforms. Across the region, Stoughton said foot traffic in branches had gone down by 50 percent while digital activity had surged by over 100 percent.
He said it’s not about digital banking replacing physical interaction but “augmenting” and “complementing” such experience.
Earlier, Citi unveiled a partnership with amazon.com, allowing credit cardholders across the region to use their rewards points to pay for purchases.
“In our drive to digital, we have also become the credit card brand that online and mobile retailers prefer. This initiative presents a bright outlook in a country which greatly embraces the growth of online shopping and lifestyle,” added Stoughton.
In the Philippines, Citi’s regional digital partners include: Booky, an offline restaurant finder; Zennya, the world’s first spa on-demand app; Lazada, the leading online shopping mall in the country; and Grab, Southeast Asia’s leading ride-hailing platform, to name a few.
Over the last year, Citi launched the newly-refreshed Citi Mobile App in Asia featuring easy-to-use functionality and interfaces such as Snapshot and Touch ID which has seen over two million downloads to-date. The bank also was the first to launch voice biometrics across the region which has since then obtained 700,000 sign-ups from customers with over a million clients consenting.
“We are focused on becoming the world’s leading digital bank, and we will continue to leverage on our global network for strategic partnerships even as we develop and deliver digital products and services,” said Stoughton.