After piloting the product final yr, Citibank Hong Kong formally unveiled Citi Plus, its mobile-first financial institution designed for digital natives.
The brand new providing goals to assist customers “degree up” their banking expertise by offering monetary training, personalised wealth administration ideas, and easy accessibility to a spread of funding merchandise.
“Citibank Hong Kong has proven robust dedication within the improvement of digital banking in recent times. Citi Plus is our newest initiative to convey digital natives a banking expertise they admire,” stated Citibank Hong Kong Shopper Enterprise Supervisor Lawrence Lam. “Millennials have been invited to take part in analysis and the co-creation course of, by way of which we might higher tackle goal shoppers’ ache factors, and assist them develop their wealth by way of the brand new service.”
The platform’s gamified person expertise encourages customers to construct their wealth by undertaking enjoyable duties. The Citi Curiosity Booster, for instance, permits customers to earn greater rate of interest of as much as 1.8% on their financial savings by finishing what Citi calls “missions.” These missions embody duties reminiscent of sustaining a sure stability, funding accounts, investing, exchanging foreign money, and spending with their Citi Plus card.
Along with the gamification ingredient, Citi Plus will supply financial savings objectives, debit and bank cards with built-in rewards, straightforward cash switch capabilities, and a low threshold funding platform. The funding alternatives embody entry to shares, cash market funds, and mutual funds from Aberdeen Customary Investments, Allianz World Buyers and Franklin Templeton.
Within the first three weeks after the pilot launched, Citi obtained 5,000 registrants focused on Citi Plus, which is open to Hong Kong residents solely.
The millennial-friendly person interface and advertising and marketing, mixed with options reminiscent of low-threshold investing, monetary training instruments, and excessive curiosity financial savings accounts, assist Citi compete with the growing variety of challenger banks and neobanks which might be engaging younger customers. In contrast to this group of digital banks, Citi has a slight higher hand. That’s as a result of the financial institution not solely has a strong current person base from which to attract new shoppers, it additionally has a longtime fame and inherent shopper belief.