Wednesday, 01 December 2021 13:48

Citi, the World's Best Digital Bank in 2021, according to Global Finance Magazine

Written by Evelyn Alas

Citi has been named the World's Best Digital Bank by Global Finance for the 20th consecutive year. In addition to the global accolades, Citi was named Best Corporate/Institutional Bank and Best Digital Consumer Bank in Latin America.

"Over the past year, our digital capabilities have given us the resilience to support our consumer clients going through disruptive changes in both their business models and our industry. In helping institutional clients adapt to these new conditions, we are proud to be recognized as their best provider of innovative digital services and solutions, accompanying them on their digital transformation journey", commented Shahmir Khaliq, Global Head of Treasury and Trade Solutions at Citi.

Commenting on this year's awards, Joseph Giarraputo, President and Publisher of Global Finance, noted, "Incubating talent and ideas in global Innovation Labs enables Citi to give its institutional clients resilient cash management solutions that are both agile and scalable, while an impressive catalog of APIs allows treasuries to choose the solutions they require and integrations that fit their day-to-day treasury management processes."

"This award is a true testament to Citi's efforts to drive innovation and enhance the client experience as we continue to invest in our award-winning omni-channel service platforms such as CitiDirect and CitiConnect", said Naveed Anwar, Global Head of Digital TTS in Treasury and Trade Solutions at Citi.

"Knowing our clients and understanding their needs is essential to delivering a personalized experience and high quality service as required, which translates into serving our clients in the best way today and paving the way for future needs".

Citi's institutional digital solutions have experienced strong growth in utilization over the past year. Highlights include:

  • CitiDirect user growth of more than 12% annually.
  • Mobile user growth of 19% annually
  • High digital account opening rates - more than 125% over the previous year
  • Unprecedented growth in API utilization: 163% growth annually
  • Instant Payment Transaction Volume: more than 97% annually

Citi was chosen from more than 300 nominations globally, which were evaluated by a world-class panel of industry experts who considered the following criteria: strength of strategy to attract and serve digital clients, success in getting clients to employ digital offerings, growth of digital clients, breadth of product offerings, evidence of tangible benefits gained from digital initiatives, and website/mobile design and functionality.

In addition to being recognized as the World's Best Digital Bank, Citi received the highest honor in multiple global and regional categories:

Global Awards - Overall Winner:

  • Best Corporate/Institutional Digital Bank.

Global Corporate/Institutional Global Awards:

  • Best Bank in Online Cash Management Services.
  • Best Online Treasury Services Bank
  •  Best Integrated Corporate Banking Site
  • Best Adaptive Mobile Banking Site
  • Most Innovative Digital Bank
  •  Best Open Banking APIs
  • Global Consumer Awards
  • Best Adaptive Mobile Banking Site

Regional Corporate/Institutional Awards:

  • Best Digital Bank in Africa
  • Best Digital Bank in Asia-Pacific
  • Best Digital Bank in Latin America
  • Best Digital Bank in the Middle East
  • Best Digital Bank in North America
  • Best Digital Bank in Western Europe

Regional Consumer Awards

  • Best Digital Bank in Latin America - Citibanamex

Citi's Treasury and Trade Solutions (TTS) unit facilitates client success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations around the world.

Building on the industry's largest proprietary network with banking licenses in more than 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry's most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.