Yahoo Finance Citi (C) Launches Digital Platform for Commercial Bank Clients
Citigroup C has launched a platform — CitiDirect Commercial Banking — which offers a single-entry point digital platform to cater to the needs of Citi Commercial Bank (“CCB”) clients. The initiative is part of the bank’s significant strategic investment plan to meet the growing global needs of these clients.
Particularly, the CitiDirect Commercial Banking platform brings together the bank’s global products and services into a single digital platform. This provides clients with a comprehensive view of their Citi banking relationship across Cash, Loans, Trade, FX, Servicing and Onboarding.
The CitiDirect Commercial Banking platform has been created in collaboration with CCB clients to offer an intuitive and seamless digital experience. It includes access to data-driven insights that help in informed decision-making and efficient management of day-to-day banking interactions with the bank in one place.
The platform also extends the company’s self-service features, as clients can digitally open accounts, and request new products and services.
The platform is currently available in the United States and more than two-thirds of the company’s U.S. client base are actively using the platform. CCB plans to debut it in the second half of 2023 across Hong Kong, India, Singapore and the U.K.
Mark Sugden, Head of CitiDirect Commercial Banking & Digital Transformation, remarked, “Our new banking platform has been designed and built with a client-centric focus. The outcome is an innovative platform that responds to our clients’ complex needs and their expectations of a simple and intuitive digital banking experience. We are delighted with the response from clients and continue to invest whilst targeting key market roll outs throughout 2023 and beyond.”
Tasnim Ghiawadwala, Global Head of CCB, noted, “This is an important milestone in delivering on our commitments set out during Citi’s 2022 Investor Day. At the time, we spoke about our intention to deliver on a differentiated client experience through a single digital platform, that will empower clients and save them time, while offering them complete visibility and control. We anticipate that CitiDirect Commercial Banking will continue to evolve to support our clients as they grow their businesses globally.”
Shahmir Khaliq, Global Head of Treasury and Trade Solutions, stated, “The launch of CitiDirect Commercial Banking demonstrates how our Institutional Clients Group ecosystem works together to deliver excellence for our clients. We are very pleased that our partnership with our colleagues in Commercial Banking has resulted in this new and differentiated service.”
In the year-to-date period, shares of C have inched up 0.9% against the industry’s fall of 5.4%.
Image Source: Zacks Investment Research
Currently, Citigroup carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks Worth Considering
A couple of better-ranked stocks from the same space are First Western Financial MYFW and Mercantile Bank MBWM, currently carrying a Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for First Western Financial’s 2023 earnings was revised 1.6% upward over the last 30 days. The stock has gained 0.2% over the past three months.
The consensus estimate for Mercantile Bank’s 2023 earnings was revised marginally upward over the last 30 days. The company’s share price has decreased 4% over the past three months.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Citigroup Inc. (C) : Free Stock Analysis Report
Mercantile Bank Corporation (MBWM) : Free Stock Analysis Report
First Western Financial, Inc. (MYFW) : Free Stock Analysis Report
