Citi’s Digital Channels Play a Pivotal Role in Client Contingency Situations

Published 

New York – 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.”

Most recent episodes

£15 Billion Stimulus Pumped into UK Economy to Ward Off Recession Fears

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 7th June...

04:44

Advantage Treasury

Eleanor Hill is joined in the virtual TreasuryCast studio by Nicolas Cailly and Philippe Penichou (Societe Generale) to look at treasury trend predictions for the remainder of 2022, with a particular focus on virtual accounts. In this deep dive into current and future treasury priorities, our guests...

24:22

40th Annual New York Cash Exchange: What Can Treasurers Expect?

Ahead of the 40th annual New York Cash Exchange, two of TMANY's distinguished board members, David Miller and Timothy T. Hesler, CTP, provide TMI CEO, Robin Page, with a quickfire rundown of what attendees can expect from this year’s conference. Our guests share their aspirations for the event, explain...

09:58

Expectation-Beating Inflation Prints Ratchet Up Pressure on Monetary Policy

Welcome to the third edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 9th May...

04:48

Making the Sustainable Transition: A Roadmap to ESG in Treasury

Over the last 18 months, Societe Generale has experienced a steady increase in requests from their corporate clients to integrate ESG features in treasury management.  Louis-David Rouyer, Philippe Pougeard, and Emmanuelle Petelle (Societe Generale) provide TMI's Eleanor Hill with a whistlestop run...

22:24

Lift Off for Fed Rate Rises

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 5th of...

04:58

Treasury in 2022 and Beyond

Industry experts Bob Stark (Kyriba) and Sebastian di Paola (PwC) join TMI's Editor, Eleanor Hill, to explore the very latest treasury trends - and to discuss how smart treasurers can get ahead of th...

43:21

How BearingPoint Harnessed Data-Driven Forecasting with CashAnalytics and SAP

Listen back to our recent forecasting masterclass, where Group Treasurer Eveline Stam, and Conor Deegan (CashAnalytics) provided TMI's Eleanor Hill with a comprehensive overview of how consultancy firm BearingPoint achieved company-wide cash forecasting nirvana by combining specialist solutions from...

37:14

The 3 T’s of The Future: Tech, Treasury, and Transformation

Over the past two years, an increasingly dynamic environment has not only accelerated technology development – from quantum computing to blockchain technology, and even the metaverse – but also technology adoption, bridging colleagues and breaking down silos in a remote work world. In this podcast,...

44:02

Monetary Policy Continues to Drive Markets as Ukraine Invasion Weighs on March Meetings

Welcome to the second edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 3rd of...

05:25