Citi launches digital platform

Citi has introduced a digital platform called CitiDirect Commercial Banking, designed to serve its commercial banking clients. The platform offers customers a comprehensive view of their banking activities with Citi, covering areas such as cash, loans, trade, foreign exchange, and onboarding. With over two-thirds of the bank’s client base in the US already using the platform, Citi plans to test it in Hong Kong, India, Singapore, and the UK during the second half of this year.

The key features of the platform include access to data-driven insights that can inform decision-making and efficient management of day-to-day banking interactions with Citi in one place. Clients can also digitally open accounts and request new products and services, enhancing the self-service options available to them.

The move towards a single digital platform aligns with the growing trend of providing small- to medium-sized business (SMB) owners with streamlined and consolidated banking processes. By offering a unified platform, banks can automate and categorise business processes, making it easier for SMB owners to reconcile different banking and money movement activities. This automation alleviates stress and allows business owners to focus on their core operations.

Recent research indicates that large national banks are the preferred choice for one-third of SMBs when it comes to meeting their financial needs, surpassing other types of lenders. Understanding SMBs’ preferences is crucial for lenders to identify the most suitable prospects. Preferences may vary depending on the size and type of business, with construction firms more likely to choose large banks for credit lines, while smaller firms tend to work with regional banks.