Citibank Hong Kong Leads in Innovation with its Products & Services Offerings to Middle-Income Segment

Hong Kong – Citibank today launched its new Citibanking proposition to provide innovative products and services to the middle-income group to help customers better manage their savings for their long-term financial needs.

Hong Kong’s middle-income consumers are a significant group with a population of 1.8 million and their financial situation and banking needs have rapidly evolved. A recent survey conducted by Citibank revealed that the middle-income group have low savings1 due to their high financial commitments and monthly outlay. Because of their busy working life, respondents said they had insufficient time and opportunities to manage their finances. The greater convenience offered by online banking supports this theory – Citibank’s online banking active users have increased by 25% for the past seven months. Also, there is a growing realization among this group that they will need to take care of themselves in retirement2. Accordingly, the new Citibanking proposition aims to help the middle-income group use their time and money wisely and make “Every Dollar Count.”

Citibank offers its customers a range of products that will help fulfill their financial goals. For example, Citibank’s MaxiSavings is an innovative three-in-one account featuring time deposit, savings and checking account. For currency diversification and yield enhancement, Citibank offers competitive foreign currency time deposit interest rate to cater to middle-income group’s needs.

In addition, the bank’s highly trained Personal Bankers use a powerful financial planner, Citipro Financial Check-up to tailor financial strategies, using a combination of savings, investments, and insurance solutions, to help achieve customers’ long-term goals.

As the leader in innovation within the financial services sector, Citibank announced yet another industry first – “Personal Banker Online” Service – the only offering of its kind available in Hong Kong for retail banking customers. The service, available through Citibank Online, allows customers the flexibility to conduct financial consultations with their Personal Banker from the comfort of their homes and during their preferred convenient schedule. Using state-of-the-art technology, the online service is highly interactive and provides an enriched experience for the customer, who can simultaneously talk to and see their Personal Banker. This innovative new service is yet another example of Citibank’s continuous efforts to provide more flexibility for customers to wisely manage their time.

Citibank’s 24-Hour CitiPhone Banking remains the only retail banking phone service in Hong Kong offering 24-hour manned hotline. Citibank Online services include online U.S. stock trading that Citibank was the first to launch, a lower brokerage fee for online Hong Kong stock trading and better interest rates for online time deposit booking. In addition to phone and online services, Citibanking customers now can access banking services through Citibank’s growing branch network.

Mr. Arvind Sankaran, Director of Customer Franchise, Citibank Global Consumer Group, said, “The middle-income group faces several challenges and therefore it is extremely important that they make wise use of their time and money. Having learned that they only have HK$2,300 disposable savings per month, our aim through the Citibanking launch is to provide them with innovative products and services that help maximize the potential of their money today for a better future tomorrow.”

1 Survery reveals that middle-class only have $2,300 disposable savings per month

2 59% of respondents do not think their children will support them; over 80% of them do not think government will support them and returns on MPF will be sufficient