Digital Onboarding for Citi’s Institutional Clients expanded to 37 Countries in all Regions
Citi’s Treasury and Trade Solutions (TTS) has expanded the reach of the CitiDirect BE Digital Onboarding platform, making it available in 37 countries and five languages. Additionally, usage across all client-facing digital channels has dramatically grown over the first quarter of 2020, as clients switch to continuity-of-business (COB) modes, with remote work during the pandemic.
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“We have seen accelerated usage of our digital channels due to recent remote work situations”
Clients have activated COB plans, and have had to rapidly reassess current payment methods, processes, risks and controls, and digitize manual processes. They are expanding their use of Citi platforms for a remote workforce, including mobile apps and use of biometrics, as well as digitizing documentation and moving to electronic signatures to complete the onboarding process.
“During these unusually challenging times where clients are primarily working remotely and their ability to provide physical signed documents is severely restricted, the simplicity of Citi’s accelerated digital account opening process is especially valuable,” said Naveed Sultan, Global Head of Treasury and Trade Solutions at Citi. “By expanding the reach of CitiDirect BE Digital Onboarding, we are helping clients improve the robustness of their contingency capabilities.”
Citi’s digital onboarding solutions have enabled clients to set up new accounts and overcome major obstacles due to the pandemic, both domestically and overseas. Clients can complete the process of account opening using electronic signatures, with streamlined documentation. In parallel to digitizing the onboarding experience, in 2018, we also reduced approximately 97% of overall terms and conditions in documentation. Through the digital onboarding experience, Citi has helped clients open over 1,000 accounts during the widespread lockdown. Citi plans to offer the solution in 50 countries by the end of 2020.
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