Asian Banking Forum: Digital Transformation in Retail Banking

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1 Asian Banking Forum: Digital Transformation in Retail Banking Felimy Greene September 7, 2016 Global Consumer Banking

2 Vatican Square, 2005 Vatican Square, 2013 Profound changes have rocked our world Source: REUTERS/Kimimasa Mayama 2 Source: AP

3 Expectations are being redefined everywhere Simple. Intuitive. Effortless. Instant. Intelligent. Contextual. Personal. Convenient. Seamless. Learning. Meaningful. Emotional. Human. Likeable. Remarkable. Lovable. 3

4 Banks idealized world: A warm 1:1 relationship with each customer 4

5 The real world: multiple relationships, not always warm 5

6 A new world is emerging: Word of mouth, social, recommendations 6

7 and a lot of FinTech experimentation, empowering consumers 7

8 awakening them to the value of their data and their power of agency 8

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10 A $2.5T revenue pool is experiencing the most disruption 10

11 1.8Bn Millenials of the 7 billion people worldwide 73% would be more excited about financial offerings from companies like Google, Amazon, and Square than a bank 75% of the global workforce by % do not visit physical branches for any banking activities 74% frequently advise their parents on product recommendations 33% believe banks aren t needed at all 11

12 Rapidly Accelerate Across 3 Parallel Paths 1 2 Transform How We Operate Transform Our Platform 12

13 Transform our platform: shifting to Mobile-first Completely new Citi Mobile App deployed to 15 APAC/EMEA Markets in 10 Months Branch Staff trained as digital ambassadors Of customers completing a financial transaction, access Citi via digital each month New Card accounts are sourced digitally 13

14 Rapidly Accelerate Across 3 Parallel Paths Transform How We Operate Transform Our Platform Open Citi to Fintech Harness the best of the FinTech ecosystem, contributing and playing an integral role in how it evolves 14

15 Fintech + banks a mutual opportunity Banks bring Access to Scale Fintech brings Innovation, Lifestyle components Robust infrastructure Operational knowledge (clearing, settlement, processing, regulation ) Global reach & capabilities APIs Data Market trust Strength in innovation and creativity No dependency to legacy platforms Start with single focus technology expertise Team with Diverse backgrounds 15 15

16 Banks needs mirror Fintech s strengths Reproduced with permission from The Economist Intelligence Unit 16

17 ... and Fintechs needs mirror banks strengths Reproduced with permission from The Economist Intelligence Unit 17

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19 Citi Mobile Challenge a virtual accelerator 4 CONTINENTS 6,500 INNOVATORS 1,900 ASIA 376 CITIES 280 SOLUTIONS REGISTRANTS ACCELERATED 19 15

20 Fintech Engagement Citi Innovation Labs Innovation Labs drive innovation throughout the business. Located in the US, Ireland, Israel and Singapore, Citi Innovation Labs are pioneering and testing disruptive new solutions for our customers Aims & Purposes Promote rapid experimentation and discovery, particularly around the most disruptive business models and emerging technologies Bringing ideas to scale, safety and soundness required for the global banking system Citi Innovation Lab in Singapore 20

21 Some Citi Mobile Challenge Winners Taiwan EZ Table Enables Citi customers to book seats and enjoy exclusive offers through restaurant booking app EZ Table 19,000 restaurant seats booked since launch in Apr, 2016 Hong Kong Credit Check First free App in Hong Kong to monitor your credit health Provides users with a view of their credit score, credit lines, balances and usage Users get access to personalized Citi loan offers Launched in August 23,

22 Integrating with Fintech leaders: Citi on WeChat & Alipay 762 M 10 M 8 B 700 K 200 M Monthly active users WeChat official accounts Red packets sent in 2016 Published articles per day Credit cards linked to WeChat 450 M 68% $1.9T 6.9x 28x Monthly active users Of China s online payments Transferred in 2015 PayPal global volume Yrly. Increase in purchases on Macys.com We created a secure Citi servicing experience within WeChat and we have integrated with Alipay for Citi credit card customers 1 in 3 customers regularly access their account through Citi on WeChat Over 40% of Citi credit card bills in China are now being paid through Alipay 22

23 The way forward 23

24 is all about our customers 24

25 Thank you Felimy Greene 25

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