BWI: Online Banking is a Core Business Driver for Citibank in India

Press release from Business Wire India
Source: Citibank
Tuesday, October 04, 2011 05:07 PM IST (11:37 AM GMT)
Editors: General: Consumer interest, People; Business: Accounting & management consultancy services, Advertising, PR & marketing, Banking & financial services, Business services, Information technology; Technology
--------------------------------------------------
Online Banking is a Core Business Driver for Citibank in India
Online usage crosses all other channels put together

Mumbai, Maharashtra, India, Tuesday, October 04, 2011 -- (Business Wire India) -- Citibank India today announced that over 40% of its customers' bank online regularly and more customers receive e-statements than paper statements. Close to 60% of the Bank's customers have signed up for e-statements and nearly 90% of all customer communication is now electronic. This reaffirms the Bank's belief that urban India is increasingly consuming digital content for banking and commercial services for solving real needs.

Citibank's digital platform (www.citibank.com/india) has grown to become a critical channel attracting more usage than the combined usage across all other channels like ATMs, phone banking, branches and regular mail.

Gowri Mukherjee, Head Digital Business, Citi India said, "Our digital platform is the largest channel of customer service and engagement. More than 50% of all customer contacts with the bank are digital"

"Digital Banking offers unmatched Choice, Convenience and Control to customers, not only through Internet Banking but also across emerging platforms like Mobile, Tablet and Social Media Channels," Gowri added.

The award winning online banking platform offers customers an integrated view of their account, allowing them to conduct over 110 financial and non financial transactions online. It also offers them in-depth investment research and wealth management facilities besides all of the regular transaction related banking services.

In addition, the three most innovative online services that have been recently added are:
1.The Payments Dashboard: Allows customers to plan and manage their day-to-day transactions.
2.The Online Tax Corner: Customers can now make all direct tax payments, view interest certificates and details of Tax paid refunds for last five years. This has been made possible through a direct integration with the official NSDL website.
3.The Online Recommendation Engine: The engine analyzes customer profile, transaction behavior and purchase preferences and suggests financial products and services that are most relevant.

To make online experience safe and secure for customers, Citibank was one of the first banks in India to introduce multi-factor authentication through an innovative mix of hardware tokens, one-time passwords, over and above controls like alerts on email and/or instant messaging (SMS) based on customer preference.

Keeping pace with the internet evolution, the Bank is now leveraging social networking sites for customer engagement, product co-creation. The Citi India Facebook fan page has one of the largest fan following amongst financial institutions in the country. A recent initiative was the 'Crowd Sourced ATM' on 'Facebook'. Consumers on the social networking site were asked to vote on their choice of the next Citibank ATM location in 4 major cities.

In 2010, Citi won the Asian Banker award for Best Internet Bank in Asia. Citibank India has been named 'Best Consumer Internet Bank' by Global Finance magazine for 3 years in a row - 2008-2011. These awards are a testimony to Citi's leadership position in the Indian and Asian online space and a reflection of the continuous effort to provide innovative products and services based on customer needs.

About Citi

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter:@Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi



CONTACT DETAILS
Debasis Ghosh, Citi, +91 (22) 4001 5009, debasis.ghosh@citi.com
Pooja Ahluwalia , Citi, +91 124 418 6868 , pooja.ahluwalia@citi.com

KEYWORDS
CONSUMER, PEOPLE, CONSULTANCY SERVICES, MARKETING, BANKING, BUSINESS SERVICES, IT, TECHNOLOGY

If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.

Submit your press release at http://www.businesswireindia.com