Feb 24, 2021

Citibank Hong Kong debuts new digital platform Citi Plus

Citibank
CitiPlus
Digital
Banking
William Girling
2 min
Citibank Hong Kong debuts new digital platform Citi Plus
Citibank Hong Kong has announced the formal launch of Citi Plus, its new banking platform aimed at capturing digital natives with a new mobile experienc...

Designed to make “managing your money fun”, Citi Plus is a unique venture that proposes to educate and ‘level-up’ younger generations through next-gen money management.

The initial pilot launch took place in December 2020 and drew almost 5,000 people to participate in early stage testing. Exclusive account benefits (‘Team Up’ rewards) include:

  • Up to 6% extra per annum interest
  • A HK$800 coupon on the holder’s Citi Plus Credit Card
  • Up to 1.8% interest on savings per annum

In addition, the integrated app features investment capabilities (Flexi Wealth) free of maintenance/transaction fees. Customers can start investing from as low as $1.

Developing digital banking

Mr Lawrence Lam, Consumer Business Manager of Citibank Hong Kong, described Citi Plus’ development process last year: “Citibank Hong Kong has shown strong determination in the development of digital banking in recent years. Citi Plus is our latest initiative to bring digital natives a banking experience they admire.

"Millennials were invited to participate in research and the co-creation process, through which we could better address target clients' pain points, and help them grow their wealth via the new service."

This growth will be facilitated and encouraged by fostering ‘healthy’ economic habits using the following modules:

  • Wealth Smart: Bite-sized content aimed at educating the user regarding sound financial decision-making
  • Wealth Digest: A personalised stream of news and insight articles to keep users informed about their own topics of interest
  • Money Goal: A tool to help customers define and track their particular financial objectives

Banking for the next generation

Incumbent banks worldwide are recognising that retaining the interest of millennials and other digital natives is dependent on offering a better online/smartphone experience. 

January saw JP Morgan launch its digital brand ‘Chase’ in the UK, which it sees as a “vibrant and highly competitive” financial market. That the UK is also a hub for successful neobanks like Starling and Monzo gives this development the appearance of a direct challenge. 

Banks like JP Morgan and Citibank bring a strong cultural cachet to the digital banking sector that newer organisations simply cannot compete with. If the banking establishment begins to rival challengers in terms of technology and user experience, we could be witnessing the emergence of a victor in this exciting innovation battle. 

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