Citi eyes new Asian millionaires

MANILA, Philippines - Citibank has set its sights on the growing emerging affluent segment of the Asian region, numbering 500 million individuals with investible assets from $10,000 to $100,000.

The emerging affluent market, aged from 20 to 45 years, is seen as one of the fastest growing in the financial services industry in Asia, growing at a rate of 12 to 15 percent year on year. Moreover, the revenues from this segment are expected to grow eight to 15 percent per year in most countries.

Consumer Business manager for Citibank Philippines Sergio Zanatti said that the bank wants to serve clients as they grow in affluence and their financial requirements evolve through their wealth journey. 

“This is the entry level in a wealth continuum that includes the Citigold brand for the affluent,” Zanatti said. Citigold clients are the high net-worth individuals, mostly millionnaires.

Citibank views the emerging affluent segment as a vital part of its wider growth strategy in Asia. Over 50 percent of Citigold clients in Asia Pacific were originally Citibank clients. 

Citibank recently conducted an extensive survey of 8,000 emerging affluent individuals across six Asian countries, which revealed their profiles, lifestyles and banking preferences. 

The research shows that emerging affluent clients want a bank that values their time, that immediately addresses their needs, and that offers world-class digital banking services. The clients are living increasingly global lifestyles and want a bank to support them with their international banking, traveling and investing needs. The new value proposition seeks to deliver a distinctly higher level of service along all of these dimensions and asks clients to re-think the way they bank and aspire to a higher standard.

The features of Citibank’s new value proposition, are: unparalleled access and responsiveness; free local cash withdrawals at over 10,000 ATMs across the country; Call Me Back – leave a message at www.citibank.com.ph and Citi will call you back on your preferred schedule; 20-second pick-up via 24/7 CitiPhone; and, Access to Citibank Online and Citi Mobile anytime, anywhere in the world.

It will include a full suite of global banking services, such as free and real-time Citi Global Transfers of as much as $10,000 daily; cross-border account opening with pre-arrival assistance; global view of accounts to see all your accounts with Citi in one view; free international cash withdrawals at over 20,000 Citi ATMs across the globe for travellers; emergency cash up to $1,000 while travelling abroad; and, exclusive rewards and offers with Citi World Privileges; personalized products and services; dedicated Personal Banker; professional financial guidance and access to market updates, analysis, and investment performance; and goal planner tool for personalized financial planning.

The Citibank emerging affluent value proposition has been launched in Singapore, Hong Kong, China and Taiwan, and it will be launched across Asia over the next 12 months.

“We see emerging affluent as a key growth engine for Citibank in the Philippines and we have a two-pronged channel strategy to address the needs of this market – through a superior digital banking experience and strategic locations of Citibank and Citibank Savings branches nationwide,” Zanatti said.

Citibank’s website for consumer clients was recently refreshed, now featuring an intuitive user interface for easy navigation, simplified menus, as well as advanced features including personal finance tools that give customers flexibility and control over their daily household financial management.

Citibank is the leading consumer bank in Asia Pacific with over 31 million retail and card customer accounts and has pioneered the use of internet and mobile banking across Asia. Last year, Citi’s Asia consumer unit was the largest for Citi globally, generating $2.1-billion in net income or around 20 percent of Citi’s global net income. Citibank is the largest wealth manager in Asia Pacific with over $185 billion assets under management.