![]() Ghiawadwala said at the time that the bank was investing in this digital portal as part of a strategy to increase its commercial bank market share. Citi's global head of commercial banking, Tasnim Ghiawadwala, said at the bank's 2022 investor day that Citi was focused on expanding its commercial client base, and was investing in client experience. Sternlieb said many banks choose to allocate their digital product budgets to retail-focused initiatives, instead of commercial, due to consumer demands and competition in the space. Shahmir Khaliq, Citi's global head of treasury and trade solutions, said in a prepared statement at the time of the announcement that the platform is an example of the company's teams working together. Citi declined to share specifically how many clients were using or will use the platform. The $2.4 trillion-asset bank plans to pilot the platform in Hong Kong, India, Singapore and the United Kingdom in the second half of this year. commercial client base, which the bank generally defines as between $10 million and $3 billion in revenue, is using the platform, Sugden said. He added that when done well, solutions like this can boost client retention and present more opportunities to cross-sell products, increasing a bank's wallet share per customer. Jordan Sternlieb, senior partner at the consulting firm West Monroe, said that developing a single-entry platform for commercial clients is the right move for banks. They wanted intuitive online banking with the most common tasks at their fingertips, and the next-best action that they need to do within that journey." "Clients said they wanted to get their tasks done with simplicity and ease, so they can concentrate on actually growing their business. "Our clients really wanted the same consumer experience they have in their day-to-day life on a commercial banking platform," Sugden said. Mark Sugden, head of CitiDirect commercial banking and digital transformation, said the bank relied on client feedback to expand the platform, which was designed to be an intuitive experience where users could onboard, set up new products and transact. The project, announced last week, is part of Citi's strategic push to increase its commercial client market share. The New York-based institution is going live with CitiDirect Commercial Banking, which offers medium and large business clients a one-stop view of cash, loans, trade, FX, servicing and onboarding, along with insights based on user data. commercial clients are using the platform, and a global rollout is next.Ĭiti is rolling out a platform for commercial clients to access a suite of products in a single dashboard, a challenging type of endeavor that is slowly gaining traction in the banking industry.
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