Smart banking satisfies consumer appetite
Rosalinda L. Orosa (The Philippine Star) - July 8, 2014 - 12:00am

MANILA, Philippines - To remain on top of their game, banks must address the growing challenges of digitization, globalization and urbanization.

Citi Global head of retail banking and consumer banking in Asia Pacific Jonathan Larsen said customer preferences are changing and a generational shift in behavior is driving to new digital channels.

“Technology and digitization are transforming the very way in which we as banks serve our clients,” Larsen said in a piece that appeared in Who’s Who of Financial Services magazine.

He said that technology is dictating global trends. Roughly five billion people use mobile phones worldwide.

“That is two-and-a-half times more than the number of bank accounts, with the differences especially pronounced in emerging markets,” the Citi executive pointed out.

Asia accounts for close to 10 percent of the MSCI Global Index – doubling over five years and it is forecast to double in the coming decade.

One hundred eighty one companies in the Fortune 500 are Asian, and the region accounts for over 40 percent of all global trade, a doubling over the last decade.

Note that 30 percent of global gross domestic product (GDP) is concentrated in 150 cities, of which one third are in Asia.

Larsen noted that the 21st century is looking like one that will be dominated by the rise of the emerging market consumer.

To be able to keep in step with the expanding consumer market, banks must develop its technology and infrastructure to address the mobile payment systems.

“Speed, simplicity and ubiquity are guiding Citi’s use of technology across the world,” he added.

Citi has been investing heavily in technology to support the expansion of consumer banking business.

New Citibank branches around the world are taking on the smart banking model, with interactive touch panels, video-conferencing capabilities and full service banking from devices such a mobile phones and tablets.

“We have launched mobile banking that works on all 3G formats whether it is Apple, Google, Samsung or Nokia. You can do everything you do online, such as accessing your account balance, and making transfers on your mobile phone is incredibly fast,” Larsen said, adding that all its new branches are paperless and wireless.

 

ASIA PACIFIC JONATHAN LARSEN BANKING CITI CITI GLOBAL GLOBAL INDEX GOOGLE LARSEN NEW CITIBANK NOKIA WHO OF FINANCIAL SERVICES
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