Citi has reimagined mobile banking as customers look for more convenience and agility in managing their financial transactions, as evidenced by the surge of digital activity during the quarantine.
Citi’s Consumer Bank reported that the percentage share of digital bill payments went up by 48 percent in April compared to March figures. Digital money movement or fund transfers almost doubled in the same period, and was up by 85 percent in May, compared to March. Digital adoption has been steadily going up as the percentage of 90-Day Mobile Users went up from 49.3 percent in March to 52.4 percent by July.
Enabling customers to do more on mobile and in response to the increasing need for cashless transactions, Citi has introduced another first in the industry – a new digital feature which allows credit cardholders to activate and use their credit card for online transactions even without their physical card.
Using their mobile phones and the Citi Mobile App, credit cardholders can now be given their credit card details – the full card number, the expiry date and a temporary CVV, after a One-Time Pin (OTP) authentication.
The digital activation feature allows credit cardholders to carry out e-Commerce transactions online, set up recurring payments and pay bills and add their card details to mobile wallets to enable contactless payments
“We foresee that customers will continue to embrace digital as they have become accustomed to the convenience that it offers,” said Citi Philippines Consumer Bank Head Manoj Varma.
“We have devoted a lot of time and resources to digital innovations which have benefited our clients, and we continue to invest in technology that can further improve our services.”
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.