Citi's app connects clients with experts

Citibank’s wealthy customers can now video chat with relationship managers and other experts to get real-time advice on investments and other banking needs through the bank’s mobile app.
 
A wealth management feature on the mobile app of the bank, reserved so far for only a “gold” customer who has an investible fund of at least Rs 50 lakh, will connect the relationship manager and a dedicated team of 500 niche service professionals instantly to address the customer’s needs.
 
The customer can chat with her manager, call or even video chat in a secure environment, with the manager and a team of experts through the app. On behalf of the client, the relationship manager can execute deal, and exchange notes. The app can be used for uploading documents and to ask for expert advice on various asset classes too.

 

All details, such as chats and transactions, will be saved for future reference. The facility has been launched in India, for the first time anywhere in the world.
 
On a standalone basis, the facility seems to be far removed from the common man, but the potential is huge. This, according to Citibank officials, could be the future of customer service.
 
There are banks in India who have launched chat applications to connect with the customer care, but the ability to call and video chat etc. through one app is something that is unique to Citibank so far.

 
According to Kartik Kaushik, country business manager of Citibank, competitors would catch up eventually, but such fresh and unique product offerings keep a customer loyal to a bank.
 
“Customer service will eventually move on to such modes of communication, this is indeed the future,” Kaushik said.
 
However, Citibank is not in a hurry to roll out the service to its 2.5 million-plus customer base. But the process is ready if there is a need, said Kaushik.
 
According to Citibank officials, India is one of the most advanced countries in terms of digital usage.
 
“Urbanisation, globalisation and digitisation are the three most important reality in today’s world. Of these, digitisation has been the most disruptive and has taken the whole world by surprise. Since banking is nothing but dissemination of data, complete digitisation is an inevitability,” said Anand Selvakesari, Asia-Pacific head of consumer banking for Citi.

 
“We are not trying here to build digital capabilities, but to digitise our business,” Selvakesari said, explaining the need for humans will be very much there but the mode of interaction would be digital. Since the phone is a branch in itself, a customer need not leave the home but can simply do video chats with the bank officials to meet all her financial needs.
 
Existing branches, therefore, have to be reformatted to acquire customers or to meet specific needs. “Branches were critical 10-15 years ago. But now the question is if we have branches, what do we do with them?” Selvakesari asked.

 
Already, digitisation in the banking space has been a significant disruptor in China, where people transact using freely available chat programmes. And Citibank expects the same kind of disruption to happen in India.
 
At the heart of the technology revolution is cutting-age financial technology companies and the present offering is a result of Citibank’s open architecture that is available for developers, on a sandboxed basis, to develop apps that can be used by the bank.
 
However, financial technology companies, on a standalone basis, cannot meet the prowess of banks in the foreseeable future.
 
“Banks have the capital, customers, processes and are regulated. Whereas each fintech company is focusing on one niche aspect of banking. But they are very good in developing sharp solutions in the area where they are engaged. We should be able to adopt those through tie-ups. For the time being, thus, we need to co-exist,” Selvakesari said.