Mon, Jul 22, 2019 - Page 15 News List

Digital agility brings value to banking

Citi Asia consumer banking head Gonzalo Luchetti shared his perspective on Taiwan’s role in the Asian banking industry, as well as his strategy for boosting the growth of industry and business in Asia in a recent interview with the ‘Taipei Times’

Citi Asia consumer banking head Gonzalo Luchetti is shown in an undated photograph.

Photo courtesy of Citibank Taiwan Ltd

Taipei Times (TT): How important is Taiwan to your business in Asia?

Gonzalo Luchetti: Taiwan is one of Citi’s most important markets globally and for Citi’s consumer business, it is in the top 10 by revenue and net income. It is a market that has strong dynamics, with a growing base of affluent clients who increasingly want to bank digitally.

That fits well with Citi’s global strategy of driving growth in attractive markets like Taiwan, where our scale and investments position us to capture additional market share as we put digital and mobile at the core of a simpler, better client experience.

In Taiwan, we serve consumers across the full spectrum of their financial needs. Whether a relationship starts with a card product or a deposit account, Citi’s goal is to deepen that relationship to include all of a client’s payments, insurance, borrowing, savings and investment activities.

This allows us to better serve clients by holistically matching their needs to our best-in-class suite of products.

In many ways, Taiwan is a model market for Citi, with strong leadership positions across retail, insurance, wealth management and cards — where we see opportunities for further growth and digital transformation.

The number of digital clients active for 90 days has risen to more than 40 percent since 2017, while the number of mobile clients active for 90 days has doubled since 2016.

The launch in Taiwan of digital wealth and investment tools — including Total Wealth Advisor, Portfolio 360, ebrokerage and eFX trading — has helped lead to a stronger wealth management value proposition in the market. Assets under management have increased by double-digit percentages over the past two years.

Citi invests in providing world-class advisory teams for our clients. We initiated a program managed by the University of Pennsylvania’s Wharton School to enhance our relationship managers’ professional knowledge and advisory capabilities.

In Taiwan, more than 30 relationship managers have participated in this training.

Taiwan is also using application programming interfaces (APIs) to further enhance the customer experience. We digitized the backend of our credit card application process. Automating all data entry allows customers to receive their card approval notification instantly, instead of waiting one to two days.

Voice biometrics was launched in 2017 in Taiwan. More than half of incoming calls are now authenticated via voice biometrics.

In March 2017, mobile e-chat was launched in Taiwan — and Taiwan was the first market in the the Asia-Pacific region to launch chat on our mobile app, signaling our strong commitment to increasing engagement with digitally active customers.

TT: How do you plan to grow your consumer business further here in Taiwan and what is your digital strategy here?

Luchetti: Citi has invested in Taiwan with an eye on sustain able growth, including launching new market-leading credit cards, refreshing our wealth management propositions and investing further in our digital capabilities.

These investments are made with the support of global management, who understand the importance of this market and the opportunities we see here.

We are investing in our digital platforms, using data and analytics to personalize customer offers and building strategic partnerships for digital scale and relevancy.

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