Press release from Business Wire India
Source: Citi
Monday, March 05, 2012 05:08 PM IST (11:38 AM GMT)
Editors: General: Consumer interest, Economy, People; Business: Banking & financial services, Business services, Financial Analyst, Information technology; Technology
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Citibank Launches New Proposition: Citibanking
Aims to target 16 million households in India
Mumbai, Maharashtra, India, Monday, March 05, 2012 -- (Business Wire India) -- Citibank India today announced the launch of 'Citibanking', a new retail banking proposition for consumers in India. Citibanking will offer unprecedented global access, increased convenience, connectivity and personalization for everyday banking needs. It is designed for customers who are upwardly mobile and maintain a relationship value of a minimum INR 200,000 with the Bank.
Basis McKinsey India estimates, the emerging affluent segment in India constitutes of 16 million households with 37% in the top 14 cities - Mumbai, Delhi, Bangalore, Kolkata, Chennai, Hyderabad, Pune, Nagpur, Surat, Baroda, Ahmedabad, Visakhapatnam, Chandigarh and Kochi. This segment primarily consists of salaried professionals and also includes 35-40% of self employed individuals, with an annual income ranging from INR 300,000 to INR 1,500,000. The segment is expected to grow at a CAGR of 9%, while the revenue pool currently at INR 25,000 crore (USD 5 billion), is expected to grow at a CAGR of 16%.
On the occasion of the launch of Citibanking, Anand Selva, Country Business Manager, Global Consumer Group, Citi India said, "We are delighted to launch a market first value proposition for emerging affluent consumers in India. The Citibanking offering, created through extensive research, demonstrates our commitment to address the increasingly changing needs of this segment. With this launch, we have personalized and customised offerings for our customers across the wealth continuum - starting with salaried accounts (Suvidha); the newly defined emerging affluent (Citibanking), the affluent (Citigold), the high net worth individuals (Citigold Select) and the ultra high net worth individuals (Citi Private Bank)"
"We are focused on executing our segment-led strategy to grow our retail banking franchise in India in the areas of cards, payment solutions, wealth management, mortgages and unsecured loans. We aim to set new benchmarks with strong value propositions with the launch of innovative products & services, to meet the aspirations of our customers", concluded Anand.
Announcing the launch of Citibanking, Sandeep Bhalla, Head-Retail Banking, Citi India said; "We conducted an in-depth research to identify the specific banking needs of the emerging affluent, a segment that has significantly grown over the last decade. Consumers in this segment embrace technology in every aspect of their lives and are increasingly leading a global lifestyle. Waiting is no longer an option. They want a bank that values their time, offers world-class digital banking services and supports their global banking and investing needs. Citibanking seeks to deliver all of these and make banking convenient. It's time to Rethink Banking."
Citibanking was thoughtfully developed with customer feedback from an extensive survey of 8,000 emerging affluent individuals across seven Asia Pacific markets (India, Hong Kong, Singapore, Indonesia, Taiwan, Malaysia and Korea).
In India, 2000 respondents were interviewed by TNS Global, across 6 major cities, which revealed some interesting insights about Emerging Affluent clients. Emerging Affluent clients are:
-- Leading increasingly busy lives, and expect more convenience from their bank:
-- 75% want a bank that never makes them wait
-- 74% do not wish to provide documentation again for getting another product with the bank
-- Increasingly adopting new technologies and seeking the best digital banking services:
-- 76% look for a bank with the best online services
-- 67% prefer not to go to a bank branch for their banking needs
-- 77% say technology simplifies their financial life
-- Seeking personalized, high quality financial advice:
-- 74% want an experienced and knowledgeable financial advisor
-- 85% need to help to plan for their future e.g. retirement, child's education
-- 73% want access to online tools and information that helps them in making their financial decisions
-- Increasingly global in their outlook:
-- 79% want access to their bank and cash anywhere in the world
-- 77% take between 1-3 leisure trips every year and 37% travel abroad at least once a year
"The Emerging Affluent Segment is a top priority for Citibank in Asia. The segment is large and growing quickly as a result of urbanization, globalization and economic expansion. Interestingly, based on our extensive research, we believe the banking needs of the Asian emerging affluent consumers across markets have remarkable similarities, with convenience, responsiveness, financial planning and seamless global access being key banking necessities. Today, we are very excited that India is launching a new value proposition for the Emerging Affluent and we look forward to serving our customers with these new and distinct benefits," said Daniel Baranowski, Head of the Emerging Affluent Segment for Citi in Asia Pacific.
Some of the key benefits of Citibanking, designed for customers who maintain a relationship value of INR 200,000 with the Bank are:
-- Increased convenience and responsiveness
-- Zero withdrawal charges for cash withdrawal at any ATM anywhere in the world. However, Citibank has no control over other banks owning ATMs worldwide, who may levy charges on ATM withdrawal.
-- 20 second or less to answer calls on our 24x7 CitiPhone helpline
-- Zero fees on host of banking services like draft issuance and delivery, duplicate statement, funds transfer, stop payment and more
-- Access to best-in-class Mobile and Internet Banking platform, with a new online goal based financial planning tool
-- Personalized service and innovative products
-- India's first debit card that offers evergreen reward points that can be redeemed for air miles or cash back
-- Clients can avail of a Citibank Rewards Credit Card with 1500 bonus reward points, subject to meeting due credit approval criteria.
-- Complimentary access to select airport lounges and dedicated concierge services, via the debit card
-- Dedicated Personal Banker as the single point of contact for financial planning
--World class research to assist clients in taking informed investment decisions
-- Comprehensive suite of services for the global Indian
-- Account opening assistance for customers relocating overseas. Account opening will be subject to local regulations.
-- Emergency cash assistance of upto US$ 1000 through Citibank's overseas branches
-- Citi Mobile apps with location based services for iPhone®, AndroidTM and other smart phones
-- Citi World Money Card, a pre-paid foreign currency card available in 6 currencies
-- Internationally recognised credit card discounts and benefits with Citibank World Privileges
Citibank India is currently present across 30 cities through 42 full-service branches, supported by a network of over 700 ATMs. Citibank Cards has a market share, upwards of 20% in credit card spends in India. Keeping pace with the internet evolution, the Bank is now leveraging social networking sites for customer engagement, product co-creation. With over 350,000 fans and growing, the Citi India Facebook page has one of the largest fan following amongst financial institutions in the country.
Citibank India has been named 'Best Consumer Internet Bank' by Global Finance magazine for 3 years in a row - 2008-2011. Earlier, in 2010, Citi won the Asian Banker award for Best Internet Bank in Asia. These awards are a testimony to Citi' 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
Committed to India for over 110 years, Citi takes pride in being a premier locally-embedded financial institution backed by an unmatched international network. Citi's presence in India spans 42 Citibank branches across 30 cities and over 700 ATMs. With capital invested of over US$4 billion, Citi is the single largest foreign direct investor in the financial services industry in India and offers consumers and institutions a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi is an employer of choice to approximately 7000 employees in India. Citi's franchise in India includes businesses such as equity brokerage, equities distribution, private banking (Citi Private Bank) and alternate investments and private equity (CVCI). In line with our commitment to make a positive difference in the communities where we work, Citi India's citizenship programme targets its strategic efforts in the priority focus areas of Financial Capability & Asset Building, Microfinance, Enterprise Development, and Youth, Education & Livelihoods. Additional information may be found at http://www.online.citibank.co.in/press-room/citi-in-india.htm
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Citibanking launch - March 5, 2012
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CONTACT DETAILS
Debasis Ghosh, Citi, +91 (22) 40015009 , debasis.ghosh@citi.com
Pooja Ahluwalia, Citi, +91 (124) 4186868, pooja.ahluwalia@citi.com
Shreela Roy, IPAN Hill and Knowlton, +91 9820149119 , sroy@ipanhillandknowlton.com
KEYWORDS
CONSUMER, ECONOMY, PEOPLE, BANKING, BUSINESS SERVICES, Financial Analyst, IT, TECHNOLOGY
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