Citi Singapore’s Wealth Transactions Soar After Digital Overhaul

Picture Credit: Frame Magazine

Citibank Singapore has nearly tripled its digital wealth transactions over the past two years, following a sweeping digital revamp that transformed how clients engage with the bank’s wealth management services.

.

According to the bank, wealth-related transactions rose by 165% since it redesigned its mobile app and website, adding over 100 new features to enhance user experience. Today, four out of five Citi clients in Singapore use the bank’s digital app regularly.

“We realized our digital ecosystem needed to speak the language of wealth,” said Gourab Kundu, head of digital growth for Asia South at Citi Wealth. Speaking to Asian Banking & Finance, he noted that simplifying digital journeys has been key to the bank’s success.

One standout feature is an auto top-up tool that allows brokerage clients to invest in U.S. stocks without manually converting currencies. Previously, clients had to exchange Singapore dollars into U.S. dollars before investing. Now, Citi handles the conversion in real time, with over 90% of brokerage transactions processed digitally.

Mutual fund transactions have also doubled, thanks to streamlined processes and the introduction of a visual portfolio tracker that gives users quick insights into their wealth movements.

Citi’s approach blends digital convenience with personal touchpoints. Relationship managers can suggest investments, while clients review and authorize transactions entirely within the app. The bank has also introduced a secure WhatsApp channel for advisor-client communication.

Looking ahead, Citi is expanding real-time cross-border payments, with recent rollouts in India, the UK, and Thailand. “Our global presence is a major advantage,” said Kundu. “Providing real-time payment corridors is a game-changer.”

As the competition heats up in Asia’s digital wealth space, Citi’s hybrid strategy — combining tech efficiency with human guidance — aims to keep the bank ahead of the curve.