Citi’s business focussed on emerging corporate clients with revenues of up to $1 billion annually. It has introduced digital account opening for new clients in India, Australia, Hong Kong and Singapore.
Through its new Commercial Bank Gateway Portal, CCB has opened over 750 accounts digitally for new clients in these markets, it said. The lender said Gateway’s launch complements the bank’s CitiDirect BE Digital Onboarding solution, supporting digital account opening for existing clients and is available to CCB clients across ten markets in the region. Through Gateway and CitiDirect BE Digital Onboarding, it said, close to 70 per cent of CCB’s total account opening volumes in the Asia Pacific are now achieved through digital channels, and accounts can be opened digitally in as quickly as three days.
According to a statement, the web-based Gateway portal replaces paper-based documentation, eliminates the need for repetitive data entry and enables new clients to complete their Know Your Customer (KYC) requirements digitally. It said that clients would initiate loan requests and complete credit inquiry forms through the portal, which will also push real-time status updates throughout the loan fulfilment process.