Citibank launches Singapore’s first instant savings account opening service via the Internet
Citibank will launch Singapore’s first instant savings account opening service through its Citibank Online platform on April 8, Customers will receive their account numbers within 60 seconds of submitting their applications online.
For a start, the instant account opening service will be made available to
Citibank’s existing Credit Card or Ready Credit customers who wish to open the
Step-Up Interest Account. This is a savings and checking account that allows customers to step-up to higher interest rates when balances grow. The instant account opening service will be extended to more products and to new Citibank customers in the near future.
This new, first-of-its-
Ms Vibha Coburn, Head of Citibank Online, said, “Making efficient use of online technology is a key priority for us. This Instant Account Opening service offers a powerful proposition for our existing customers - we are shifting what is traditionally an over-the-counter transaction to an instantaneous online experience that can be performed literally anywhere and at any time. This is an extension of our efforts to offer more seamless and convenient banking choices to our customers.”
Details about Citibank Online’s instant account opening service
With the new Citibank Online instant account opening service, all customers need to do is to log on to Citibank Online, click on “Open Step-Up Interest Account”, fill up an online application form and submit it. A bank account number will be generated and the account will be ‘live’ within 60 seconds. The customer may indicate initial funding via salary credit, cheque or inbound funds transfer.
In addition, to make it easier and more time-efficient for our customers, the application form itself has been streamlined and pre-filled so that our customers take less than half the usual amount of time to fill it up.
The ATM Card and ATM Personal Identification Number (PIN) will then be mailed to the customer the next business day. A Citibank Online Advisor will also call the customer to make arrangements for the submission of a specimen signature card and a photocopy of the customer’s Identification Card (IC), so that a cheque book will be issued.
This seamless process of setting up an account is secure, as the customers will need to have existing Citibank Online access and go through second factor authentication (2FA) before applying for a new account.
Commitment to growth via online channel
Citibank has set the pace for online banking since it pioneered Internet banking services 10 years ago in Singapore. The launch of this new service is an integral part of the bank’s strategy to reach out to more people in Singapore and deepen existing relationships with customers, via new channels such as the Internet.
Ms Coburn shared, “Consumer buying behaviour has changed in the past 10 years with the rise of the Internet. Singapore is one of the most tech-savvy and wired countries with one of the highest Internet penetration rates in the world. As
Singaporeans become more comfortable with Internet shopping and Internet banking, it only makes sense for us to harness new online technology and platforms to serve our customers better.”
One in two customers use the Citibank Online Internet banking service, while overall online banking transactions has grown over 20% year-on-year. In the past few years, the bank has seen the number of online acquisitions for its products and services increase significantly. In 2007, the number of online acquisitions for checking and savings accounts grew more than five times, compared to the year before. Online acquisitions for Ready Credit and credit cards have also tripled from 2005 to 2006, and then again from 2006 to 2007.
With the launch of the new instant account opening service, Citibank aims to double online acquisitions for the Citibank Step-Up Interest Account by the end of the year.
Citibank Step-Up Interest Accounts that are opened online have the same features as accounts that are opened at the branches. Customers get superior interest rates, and many other benefits, including free branch and Internet banking access. In addition, customers who credit their salary to a Citibank Step-Up
Interest Account does not need to maintain a minimum monthly balance. A $500 minimum balance is needed if cheque or inbound transfer is indicated for funding.
Added Ms Coburn, “Citibank Online is a key contributor to our overall strategy to grow our business, and we want to leverage on this as we continue to expand our franchise.”
Fore more details: www.citibank.com.sg
# # #
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing 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, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citibank.com.sg, www.citigroup.com or www.citi.com.