Citi Commercial Bank enables digital account opening in Hong Kong, Singapore

About 750 new accounts have been opened in four APAC markets through the new portal.

Citi Commercial Bank (CCB) has introduced the Commercial Bank Gateway Portal, which enables digital account opening for new clients in Hong Kong, Singapore, India, and Australia. 

Already, the bank has reportedly opened 750 accounts digitally for new-to-bank clients in these four markets, Citi said in a press release. Accounts can be opened digitally in as quickly as three days.

Gateway uses the bank's CitiDirect BE® Digital Onboarding solution, which supports digital account opening for existing clients and is available to clients across 10 markets in the region. Through Gateway and CitiDirect BE® Digital Onboarding, close to 70% of  CCB’s total account opening volumes in the Asia Pacific are now achieved through digital channels. 

The web-based gateway portal replaces paper-based documentation, eliminates the need for repetitive data entry and enables new clients to digitally complete their Know Your  Customer requirements. Electronic signatures are also used to facilitate the execution of documents digitally. 

Citi also plans to further build upon the gateway portal to support lending and portfolio management services. Outlined plans will allow clients to initiate loan requests and complete credit inquiry forms through the portal. It will also push real-time status updates throughout the loan fulfilment process. 

The portal will also serve as a platform through which clients can upload and supply information to Citi and periodically review their existing positions with the bank, the bank said.

Photo courtesy of Mike Mozart