Citibank in Korea has announced further investments and ambitious targets to further drive growth across its Consumer Banking and Wealth Management franchise.
Citi Korea (CK) has announced further investments and targets to drive growth across its businesses including wealth management, cards, lending and commercial banking with an emphasis on further digitisation.
In a media release CK says it aims to grow target segment customers by 50 percent across the emerging affluent and affluent segments and double assets under management (AUM) in its Wealth Management business by 2020 as well as growing its deposits in the country by 30 percent.
Lofty Ambitions Via Digital
The U.S. bank also announced a target to reach 80 percent of new credit card customer acquisitions via digital. The bank will also invest further in Consumer Lending by launching innovative lending hubs that increase non-branch acquisitions from 60 percent to over 90 percent.
«Banking today is less about branches and more about digital. We are deploying our bankers to support the changing preferences of our client across new innovative wealth and lending hubs and central engagement teams,» said Brendan Carney, Consumer Banking Head Citi Korea.
The Plan
CK will expand on the number of wealth management centers with launches in Seoul, Dogok, and Bundang in addition to the Banpo and Cheongdam Centers.
There will also be increased banker mobility, with tools and processes that allow the banks’ relationship managers to service customers outside of the branch environment.
This next-generation consumer banking strategy is aimed at building on the bank’s digital progress where 95 percent of the bank’s financial transactions in the Korean financial market take place through non-face-to-face channels due to the development of digital banking.
