Fintech & Ecommerce

Citi Debuts Digital Platform for Commercial Banking Customers

Citi announced the launch of a digital platform that is designed for clients of a financial institution from commercial banks.

Citi Debuts Digital Platform for Commercial Banking Customers

The new platform was named CitiDirect Commercial Banking. The press release of the financial institution, which was published on the occasion of the launch of the digital product on Monday, July 10, contains information that with the help of the debuted solution, consumers will be able to get full information about the specifics of their banking activities within the structure of this lender. In this case, it implies an analysis of the situation of clients and their actions in the context of such aspects as cash handling, participation in lending programs, involvement in the processes of trade and exchange of foreign currency, and from the point of view of adaptation.

The new digital platform operates in the USA, it is used by about 70% of consumers of financial institution services. The relevant information is contained in the bank’s press release. In the second half of this year, the financial institution plans to launch a platform in India, Singapore, the UK, and Hong Kong.

The press release also states that the main functions of the new digital solution are access to analytical information, which is necessary for making informed decisions, and effective management of regular banking interactions with Citi on the same platform.

Also, clients of a financial institution have the opportunity to create accounts in digital format and request new products and services. The press release indicates that this expansion of the list of actions available to consumers significantly improves and supplements the lender’s self-service functionality with new elements. Such a solution significantly increases the quality level of meeting the needs of consumers, who are constantly growing and changing.

Lilac Bar David, co-founder, and CEO of FinTech Solution Lili, in May, during a conversation with media representatives, said that small and medium-sized business owners are in a better position when they have the opportunity to coordinate all processes concerned with banking and money movement in one place. According to her, currently, there is a lot of extensive data on the transactions of deposits and withdrawals of money, which modern embedded solutions can use to categorize and automate business processes and thereby save entrepreneurs from having to spend time on solving issues of secondary importance.

As we have reported earlier, Citi Invests in Financial Crime Risk Management Vendor.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.