Citi has ‘aspirational’ customers in its sights

Citi is targeting the 'emerging affluent' market with the launch of a digital banking service designed for customers with between $50,000 and $100,000 in assets under management.

 

The service, dubbed Citi Priority, has been launched in several countries, including Australia, Hong Kong and Singapore, and provides an array of wealth management products for "aspirational" customers with assets under management of between $50,000 and $100,000.

According to the bank, members of this group are typically aged between 25 and 40, are well-educated with a rising income and are investment-savvy.

"Citi has introduced this service to meet the needs of an educated, energetic and globalised group of customers who are seeking more tailored banking solutions," Citi Australia head of retail banking and wealth Deirdre Wroth said.

Citi research has shown that the 'emerging affluent' prefer remote channels to manage their finances, with more than 50 per cent of customers across the Asia Pacific using digital banking, up from 30 per cent three years ago.

"In Australia alone, four out of five customers are now acquired via a digital channel, a proportion that has tripled in the past three years," a Citi statement said.

Citi Priority will therefore provide a number of services, including relocation account-opening assistance, fee-free global transfers and emergency cash.

It will also simplify account opening and everyday banking, offer deals for credit cards, consumer lending, insurance, deposits and investment products, as well as offering access to exclusive events.

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