CitiDirect®, Citi’s institutional online and mobile banking platform, achieved a top online portal ranking in Coalition Greenwich’s 2021 Digital Banking Benchmarking study. This marks the sixteenth consecutive year that Citi has been recognized among a distinguished group of both global and regional competitors.
Chris McDonnell, Head of Digital Benchmarking at Coalition Greenwich, added “As the industry navigates its digital transformation journey, the largest banks have established a significant capabilities advantage. Citi and other global leaders have once again widened the gap to other players both domestic and international. CitiDirect continues to evolve, offering corporate clients flexibility as they manage complex multinational treasury requirements. Online banking portals are now at the very center of the corporate client experience and shape user perceptions based on technical capabilities, continuous innovation, and most importantly, and ease of use.”
The annual survey, one of the most prestigious benchmarking studies in the institutional banking space, assesses the key features and functionality that define “Best of Breed” digital banking platforms. It includes more than 50 evaluation factors and some 1800 sub-criteria, spanning everything from cross-product integration and navigability to online support and education to user administration and fraud prevention.
“Earning a top ranking for our online portal for 16 straight years is a testament to Citi’s ongoing commitment to delivering the best and most innovative solutions to our clients,” said Shahmir Khaliq, Global Head of Treasury and Trade Solutions, Citi. “Technology is a key differentiator for us, and we continue to invest in our platforms, network and data management capabilities to help our clients succeed and grow in these challenging times.”
Coalition Greenwich’s evaluation of Citi’s capabilities encompassed its entire portfolio of integrated digital banking solutions, including the CitiDirect banking platform. This year’s evaluation also included over 300 new criteria spanning areas such as virtual assistants, merchant services, payment tracking, multibank capabilities, supply chain services, and virtual account capabilities. Citi’s focus on expanding both mobile and API capabilities was recognized, with rankings well above the industry standard.
In 2021, Citi’s institutional digital channels experienced strong growth including:
– Digital Account Opening (96% growth compared to 2020)
– CitiDirect Mobile Users (69% growth compared to 2020)
– Transaction flows across digital channels (CitiConnect®) grew 38% compared to the previous year with CitiConnect APIs experiencing over 1 billion API calls to date.
“In today’s rapidly evolving digital world, where transformation is often the key to customer success, next-gen treasury solutions, such as CitiDirect, are enabling our clients to compete and thrive,” said Naveed Anwar, Global Head of Digital with Citi’s Treasury and Trade Solutions. “We are honored and humbled that CitiDirect has earned a top online portal ranking in Coalition Greenwich’s 2021 Digital Banking Benchmarking study. As markets evolve, we continue to invest in our portfolio of award-winning solutions with a focus on developing frictionless end-to-end user experiences for our clients to meet both their current and future digital needs, and help them succeed,” he added.
Citi’s next-generation banking platform CitiDirect® provides one-click access to global transaction capabilities using an intuitive and user-centric workflow. CitiDirect supports multiple transaction types across multiple geographies, subsidiaries, and currencies. Users can manage accounts, payments, receivables, liquidity, trade, foreign exchange and reporting across the globe with CitiDirect online, mobile and tablet versions. CitiConnect® is part of an omni-channel digital banking product suite that also includes CitiDirect Online Banking and Mobile. CitiConnect APIs are supported through an ecosystem that includes strategic partnerships with various treasury software providers. Along with the CitiConnect® API Developer Portal and Testing Portal, Citi TTS supports API-based integration in a globally consistent way across TTS’ global footprint.
Coalition Greenwich is a leading global provider of data, analytics and insights to the financial services industry. The Digital Banking Benchmarking study serves as a barometer of market trends and development priorities that can provide a forward-view of next-generation capabilities. Leading banks and non-bank providers are evaluated in the study annually with the bank group consisting of elite global and regional peers in the transaction banking industry.
Citi Treasury and Trade Solutions (TTS) helps enable our clients’ success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry’s largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering a comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
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